NEWS
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…
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
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Nigeria - May 27, 2022
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