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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OPEC

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.

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

Houston’s growing pull in global energy - USA26 - Josh SHERMAN - Houston Producers Forum
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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ADNOC eyes upstream, LNG opportunities in Canada
NEWS
Canada - June 10, 2026

ADNOC will explore upstream and LNG opportunities in Canada through its international investment arm, XRG.

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ADNOC Drilling ready to raise production capacity above 5 million bopd
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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UAE leaves OPEC
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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Brent records fifth consecutive gain
NEWS
Multinational - June 16, 2021

Oil was up Wednesday morning in Asia as a larger-than-expected draw in US crude oil supplies and the ever-brightening fuel demand outlook in some countries gave the…

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Talks to add Iranian supply continue
NEWS
Multinational - June 15, 2021

Oil was up Tuesday morning in Asia, as talks over Iran adding to the global supply continue and alleviate investor concerns.

Brent oil futures were up 0.33% to…

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Oil down as fuel demand jitters continue
NEWS
Multinational - June 08, 2021

Oil was down Tuesday morning in Asia, continuing Monday’s losses as the fragile state of the global economic recovery from Covid-19 impacts the fuel demand…

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Oil down from multi-year highs
NEWS
Multinational - June 07, 2021

Oil was down Monday morning in Asia, as investors await talks between Iran and world powers later in the week that could lead to increased Iranian supplies

Brent…

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OPEC upbeat on demand outlook
NEWS
Multinational - June 02, 2021

Oil was up Wednesday morning in Asia, remaining at the highest level since Oct. 2018, as the Organization of the Petroleum Exporting Countries and its allies (OPEC+)…

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