NEWS
Russia - May 12, 2016
Alexander Novak, Russian minister of energy, said on Thursday that oil markets may still be months away from rebalancing and cautioned against too much optimism over…
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BACK TOCOMPANIES
OPEC
H.E. Haitham AL GHAIS
Secretary-General
OPEC
Saudi Arabia’s strategic vision and commitment to collaboration will undoubtedly continue to play a key role in OPEC’s ability to navigate the evolving global energy landscape.
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A fine balance
OPEC is an international organisation that was established in Baghdad in September 1960. Today it is headquartered in Vienna, Austria. It co-ordinates and unifies the petroleum policies of its members. OPEC sets production targets for its member nations and is an important factor affecting global oil prices. Iran is one of the five founding members of the organisation.
- Leadership: OPEC’s secretary-general is Haitham Al-Ghais a Kuwaiti oil official who is a veteran fo the industry.
- Members: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, the UAE, Venezuela
OPEC+, a designation that adds 10 non-OPEC members including Russia, reached a deal in September 2016 to cut approximately 1 million bopd of production. The deal was extended several times and deepened to 7.7 million bopd for August-December 2020.
Company website: www.opec.org
OPEC in figures
Years active as of 2020:60
Number of member states:13
OPEC features
Interview
USA - June 12, 2026
Josh Sherman of the Houston Producers Forum talks about Houston’s growing pull as energy security concerns and growing LNG and…
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NEWS
Canada - June 10, 2026
ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.
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NEWS
UAE - May 12, 2026
ADNOC Drilling is prepared to expand the UAE’s oil production capacity beyond 5 million bopd by 2027 as the country advances…
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NEWS
UAE - April 29, 2026
The UAE has announced it will leave OPEC, potentially clearing the way for higher production outside OPEC quotas and dealing a…
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NEWS
Kuwait - May 12, 2016
Acting Kuwait Oil Minister Anas Al Saleh on Thursday said the upcoming June 2 OPEC gathering in Vienna, Austria, is unlikely to produce tangible results in the quest…
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NEWS
Russia - May 10, 2016
Igor Sechin, president of Russian oil major Rosneft, has questioned the effectiveness of OPEC in correcting the current supply-demand imbalance.
In statements made…
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NEWS
Iran - May 09, 2016
Iranian Minister of Petroleum Bijan Zangeneh over the weekend once more ruled out the possibility of Iran joining an initiative to freeze oil production. Speaking to…
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NEWS
May 02, 2016
Near-record OPEC production in April of 32.64 million bopd sent oil prices on a retreat on Monday, undoing gains made over the past weeks. A weaker dollar and a 7% rise…
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NEWS
- May 02, 2016
Fatih Birol, head of the International Energy Agency, said on Sunday that the oil markets will begin to rebalance in the second half of 2016 or by 2017 at the latest.…
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NEWS
Saudi Arabia - April 29, 2016
Oil production in Saudi Arabia and Kuwait will ramp up in coming weeks, while Iraq is on track to break its November 2015 crude export record. Industry sources cited by…
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NEWS
Oman - April 18, 2016
Omani Minister of Oil and Gas Mohammed Al Rumhy has offered to facilitate further discussions on freezing oil output after talks to that end in Doha on Sunday failed to…
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NEWS
- April 18, 2016
Oil futures plummeted by as much as 6% on Monday morning after OPEC and non-OPEC producers gathered in Doha on Sunday failed to reach an agreement to cap oil output. US…
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