NEWS
Multinational - May 04, 2021
Oil inched up Tuesday morning in Asia as investors remained optimistic the continued economic recovery in regions such as Europe and the US will boost fuel demand.…
READ MOREH.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 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
Interview
Nigeria - May 05, 2021
Sola Adepetun, partner at ACAS-Law, talks to The Energy Year about issues preventing Nigeria’s oil industry from attracting…
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Hope and optimism in Nigeria
INTERVIEW -
Most popular
NEWS
Multinational - April 30, 2021
Oil was down Friday morning in Asia, but still headed towards a weekly gain as signs of strengthening US and China demand raised fuel demand hopes.
Brent oil futures…
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NEWS
Multinational - April 29, 2021
Oil was up Thursday morning in Asia as investors continue to expect fuel demand to recover by the summer, despite ever-surging numbers of Covid-19 cases in countries…
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NEWS
Multinational - April 28, 2021
Oil was down Wednesday morning in Asia, as investors digested an Organization of the Petroleum Exporting Countries and its allies (OPEC+) decision to increase crude oil…
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NEWS
Multinational - April 27, 2021
Oil was up Tuesday morning in Asia, bouncing back from the previous session’s drops. However, investors remained concerned about fuel demand recovery as the number of…
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NEWS
Multinational - April 01, 2021
Oil was up Thursday morning in Asia, recouping some of its overnight losses as expectations that the Organization of the Petroleum Exporting Countries and allies…
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NEWS
Multinational - March 31, 2021
Oil was up Wednesday morning in Asia, paring back losses from the previous session ahead of an Organization of the Petroleum Exporting Countries and allies (OPEC+)…
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NEWS
Multinational - March 30, 2021
Oil was up Tuesday morning in Asia, as attention shifted from a container ship stuck in the Suez Canal to an Organization of the Petroleum Exporting Countries and…
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NEWS
Multinational - March 29, 2021
Oil was down Monday morning in Asia but stabilized after four consecutive sessions of wild movement. Efforts to get traffic moving again continue after the Ever Given…
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