Interview
- December 13, 2023
Anurup Kumar, executive director of Oren Hydrocarbons, talks to The Energy Year about the company’s footprint within the chemicals market and market trends that have…
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BACK TOCOMPANIES
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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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.
Company website: www.opec.org
OPEC in figures
Years active as of 2020:60
Number of member states:13
OPEC features
NEWS
Multinational - March 04, 2024
Several OPEC+ members have extended voluntary oil production cuts of 2.2 million bpd into Q2 2024.
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NEWS
- December 13, 2023
The COP28 summit has ended with a deal signed by almost 200 countries to reduce consumption of fossil fuels, Reuters reported on Wednesday.
The new pact calls for…
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NEWS
Multinational - December 01, 2023
OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd for early 2024, the oil and gas organisation announced on Thursday.
The cuts are being…
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Interview
Abu Dhabi - October 25, 2023
The past 10 years, and particularly the last two, have seen rapid and substantive movement from the UAE government towards establishing the country’s place in a more…
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Interview
- October 11, 2023
Francesco La Camera, director-general of the International Renewable Energy Agency (IRENA), talks to The Energy Year about global trends in the energy transition and…
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NEWS
Iraq - October 09, 2023
Iraq has set a January 2024 deadline for its fifth plus and sixth oil and gas licensing rounds, Reuters reported on Tuesday.
Blocks on offer consist of 16…
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NEWS
Saudi Arabia - September 06, 2023
Saudi Arabia and Russia have both decided to extend their voluntary oil cuts to the end of 2023, Reuters reported on Tuesday.
The decision will see Saudi Arabia…
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NEWS
Saudi Arabia - August 07, 2023
Saudi Arabia has extended its voluntary production cut of around 1 million bopd into September, Reuters reported on Thursday.
The country will continue to produce…
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NEWS
Kuwait - July 07, 2023
Kuwait aims to invest USD 300 billion in the energy sector by 2040, Kuwait’s Minister of Oil Saad Al Barrak announced on Thursday.
The investment is part of a…
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