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.

  • Leadership: OPEC’s current secretary-general is H.E. Mohammad Sanusi Barkindo, a Nigerian who served in various capacities, including CEO, at Nigerian National Petroleum Corporation.
  • 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.

 

OPEC in figures

Years active as of 2020:60

Number of member states:13

OPEC features

Oil boosted by Fed reassurance of low rates
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Multinational - February 25, 2021

Oil was mixed Thursday morning in Asia. A US Federal Reserve commitment to continue ultra-easy monetary policy and lower levels…

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Oil down on build in US crude inventories
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Multinational - February 24, 2021

Oil was down Wednesday morning in Asia, with investors digesting an unexpected build in US crude inventories. The build was attributable to the unprecedented cold snap…

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Oil up on draw in US supplies
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Multinational - February 18, 2021

Oil was up Thursday morning in Asia, continuing an almost week-long rally and passing 13-month highs. The cold snap in Texas and surrounding regions continues to hamper…

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Interview
Abu Dhabi - February 16, 2021

Salem bin Ashoor, BP’s chief representative and general manager in the UAE, talks to The Energy Year about the company’s role in the energy transition and its…

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Oil down despite build in US supplies
NEWS
Multinational - February 11, 2021

Oil was down Thursday morning in Asia, pushing the pause button on a recent rally. However, a bigger-than-expected cut in U.S. crude oil supplies and continuing hopes…

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Oil up over continuing supply cuts
NEWS
Multinational - February 09, 2021

Oil was up Tuesday morning in Asia, and were at their highest level since January 2020, boosted by major producers cutting supplies and increasing hopes for fuel demand…

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Oil up on US stimulus hopes
NEWS
Multinational - February 08, 2021

Oil was up Monday morning in Asia, with supply cuts by key producers and hopes for further US stimulus measures giving the black liquid a boost.

Brent oil futures…

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