NEWS
Russia - February 12, 2016
Major oil-producing countries should cut production to lift the falling prices of crude oil, Russian state-run Rosneft’s CEO Igor Sechin said Wednesday at the…
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BACK TOCOMPANIES
OPEC
H.E. Mohammad Sanusi BARKINDO
Secretary General
OPEC
OPEC remains fully engaged and supportive of the UNFCCC and the Paris Agreement.
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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
Kuwait - August 13, 2024
H.E. Haitham Al Ghais of OPEC talks about adjusting oil supply to foster stability in global markets.
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Interview
Kuwait - August 08, 2024
Kuwaiti Minister of Oil H.E. Imad Al Atiqi talks about the pillars of the ministry’s 2024-2028 roadmap for Kuwait’s oil…
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Interview
Kuwait - August 01, 2024
Anar Aliyev of bp talks about bp’s long-standing commitment to Kuwait’s hydrocarbons sector.
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Partnered Event
Azerbaijan - June 4-6, 2024
The Baku Energy Week encompasses three prestigious events: the 29th International Caspian Oil and Gas Exhibition - Caspian…
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NEWS
Kuwait - February 09, 2016
Kuwait plans to raise crude oil production by 150,000 bpd in Q3, a Kuwaiti official said on Tuesday.
Nabil Bouresli, managing director of international marketing at…
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NEWS
UK - February 09, 2016
Turnover growth for the top 100 global hydrocarbons companies will decline from an estimated 18.6% in 2015 to 5.3% in 2016, according to the UK auditing firm EY’s…
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Interview
Angola - February 8, 2016
Nigerian Ambassador to Angola Otunba Folorunso Otukoya talks to TOGY about the potential for Angola’s oil and gas industry to grow by drawing on Nigeria’s…
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NEWS
Venezuela - February 04, 2016
OPEC member states Algeria, Ecuador, Iran, Iraq, Nigeria and Venezuela would consider attending an extraordinary OPEC meeting if it is called, Venezuelan Minister of…
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NEWS
USA - January 27, 2016
Oil prices fell again on Wednesday following an American Petroleum Institute report about an unexpected rise in US inventories.
Oil prices fell back around the USD…
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NEWS
USA - January 25, 2016
Halliburton has experienced a Q4 net loss of 54% in its North American operations compared with last year, the US oilfield services company reported on Monday.
The…
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NEWS
Japan - January 22, 2016
Japan lifted nuclear sanctions on Iran Friday following the UN Atomic Energy Agency’s confirmation that the Middle Eastern nation was in the process of breaking down…
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NEWS
UK - January 18, 2016
The price of Brent crude fell to USD 27.67 per barrel, the lowest trading price in more than a decade, before recovering at 28.86 on Sunday.
The most recent crude…
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