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 in figures

Years active as of 2020:60

Number of member states:13

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 features

Oil near-12-week high on vaccine optimism
NEWS
Multinational - November 23, 2020

Oil was up on Monday morning in Asia, after pushing up strongly over the weekend as hopes of a vaccine being rolled out before…

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Oil down as Covid-19 surges
NEWS
Multinational - November 19, 2020

Oil was down on Thursday morning in Asia, as COVID-19 numbers across the globe continued upwards and added to fuel demand worries.

Brent oil futures was down 0.56%…

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Oil up on OPEC+ supply cuts hopes
NEWS
Multinational - November 16, 2020

Oil was up on Monday morning in Asia, as investors anticipate OPEC+ keeping the current supply restrictions in place well into 2021. However, falling demand due to…

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Oil down after Covid-19 vaccine bump
NEWS
Multinational - November 10, 2020

Oil was down on Tuesday morning in Asia, losing some of Monday’s large gains. Prices had jumped over 8% on positive news from a major Covid-19 vaccine trial.

Brent…

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Crude oil surges on vaccine news
NEWS
Multinational - November 09, 2020

Crude oil prices rocketed higher on Monday after what appeared to be a major breakthrough in the quest for a vaccine against Covid-19 triggered a thorough re-pricing of…

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