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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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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 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.

 

OPEC in figures

Years active as of 2020:60

Number of member states:13

OPEC features

OPEC+ agrees to deep cut on oil production
NEWS
OPEC+ agrees to deep cut on oil production
Multinational - October 06, 2022

OPEC+ has agreed to cut oil production by 2 million bpd in light of rising interest rates and a weak global economy, the…

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OPEC+ agrees to boost oil output
NEWS
OPEC+ agrees to boost oil output
Multinational - June 03, 2022

OPEC+ members have agreed to a rise in production of 648,000 bopd in July 2022 and the same amount in August 2022, the intergovernmental hydrocarbons organisation…

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Energy, Ukraine and the Turkish question Mehmet Ogutcu
Interview
Energy, Ukraine and the Turkish question
Multinational - May 06, 2022

Mehmet Öğütçü, CEO of Global Resources Partners and chairman of the London Energy Club, talks to The Energy Year about changes in the global energy picture brought…

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Angola sets upstream bid round date
NEWS
Angola sets upstream bid round date
Angola - March 21, 2022

The National Agency of Oil, Gas and Biofuels has announced an opening date of April 1, 2022, for proposals on Angola’s latest upstream bid round, the national energy…

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Interview
Tarek El Molla: Egypt’s upstream vision
Egypt - January 26, 2022

Egyptian Minister of Petroleum and Mineral Resources H.E. Eng. Tarek El Molla talks to The Energy Year about the latest achievements of the ministry’s Modernization…

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Oil up as investors hunt bargains
NEWS
Oil up as investors hunt bargains
Multinational - November 29, 2021

Oil was up Monday morning in Asia, clawing back some of Friday’s losses. Investors went bargain hunting, but caution still remained over the discovery of the new…

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Oil at seven-year high
NEWS
Oil at seven-year high
Multinational - October 15, 2021

Oil was up Friday morning in Asia and was set to end the week with gains of more than 2%. There are increasing signs of tight supply over the next few months as soaring…

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