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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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

OPEC+ rolls out production cuts into 2024
NEWS
Multinational - December 01, 2023

OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd for early 2024, the oil and gas organisation…

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Scaling up sustainability in the UAE Neil OKeeffe James Thomas
Interview
UAE - October 25, 2023

The past 10 years, and particularly the last two, have seen rapid and substantive movement from the UAE government towards establishing the country’s place in a more…

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Francesco LA CAMERA Director-General IRENA
Interview
UAE - October 11, 2023

Francesco La Camera, director-general of the International Renewable Energy Agency (IRENA), talks to The Energy Year about global trends in the energy transition and…

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Saudi Arabia and Russia extend oil cuts
NEWS
Saudi Arabia - September 06, 2023

Saudi Arabia and Russia have both decided to extend their voluntary oil cuts to the end of 2023, Reuters reported on Tuesday.

The decision will see Saudi Arabia…

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Saudi Arabia extends oil production cut
NEWS
Saudi Arabia - August 07, 2023

Saudi Arabia has extended its voluntary production cut of around 1 million bopd into September, Reuters reported on Thursday.

The country will continue to produce…

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Saudi Arabia promises oil production cuts
NEWS
Saudi Arabia - June 05, 2023

Saudi Arabia has pledged to cut oil production by 1 million bpd starting in July, Reuters announced on Monday.

The country currently produces around 10 million bopd…

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