The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. Libyas exclusion from OPEC quotas Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. March 1, 2023. Read more; Welcoming remarks by Iraq's Minister of Oil CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Abusive comments of any kind will be removed. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. The Executive Bureau assists the Council of Ministers by meet at least three times a year to review the budget, approve staff regulations, and develops an agenda for the Council of Ministers depending on their analyses of the organizations activities. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. OPEC, the Vienna-based . The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali Sabt Bin Sabt, announced that Kuwait will host the 108th meeting of the Organization of Ministers' Council at the delegates' level, which will be held today, Wednesday, with the participation of members of the organization's executive office . It is divided into$5.85 billionsenior debt and$475 millionmezzanine debt facilities, both of which are arranged on a non-recourse project finance basis. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time, Trend reports citing Al Arabiya. It is time for the mining industry to compete with the oil industry, he said, adding: Oil has made the big move to move to the next generation. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 52. RIYADH:Bahrain International Airport welcomed 6.9 million passengers in 2022, marking an increase of 125 percent from 3 million in 2021, the Bahrain News Agency reported. ) KUWAIT, March 1 (KUNA) -- The newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Al-Loughani Wednesday, 01 March 2023 04:25 GMT oOil Minister receives OAPEC Secretary General. Speaking to Libya Herald, Minister of Oil and Gas Mohamed Aoun said that the oil sector is very important to the Libyan economy, and everyone is working to support it and maintain the stability of its production. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Please enter your username or email address to reset your password. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, who visited Tripoli Wednesday, discussed issues related to the oil and gas sector, hailing Libya as one of the most important major partners in OPEC. Copyright 2000 MENAFN. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. Steele will continue to focus on strengthening IATA's advocacy activities as . CAIRO - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. The days highlight was the healthy resurgence of the banking and insurance sectors, which grew over 2 percent to 10,542.78 points and 5,973.98 points. On Tuesday, Libya's Minister of Oil and Gas, Mohamed Aoun received the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. The (Re)Making of a Petro-State, https://en.wikipedia.org/w/index.php?title=Organization_of_Arab_Petroleum_Exporting_Countries&oldid=1120479087, Foreign relations of the United Arab Emirates, Articles with unsourced statements from September 2020, Articles with specifically marked weasel-worded phrases from July 2019, Articles with unsourced statements from May 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 November 2022, at 06:25. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. [citation needed], OAPEC was originally intended[by whom?] MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION, The developments of global LNG sector in 2020, His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. NEOM is doing this to attract the best students in the world to come and be prepared for the research and innovation for the future of mining, Al-Nasr explained. Bahrain Airport Co.s Airport Facilitation Committee on Wednesday disclosed these numbers at a meeting to review the operational aspects of the facility, which checked passengers, crew, and baggage movement at the BIA. He emphasised the role of the organization in maintaining support for Libya in excluding it from the cuts that the organization proposes to member states from time to time to control oil prices to keep them within internationally acceptable prices. The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. contents - OAPEC. The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) has died in the Nigerian capital, Abuja, the country's oil chief said. Kuwait Ministry of Oil said in a joint statement, on Monday, that Dr. Al-Fares, also Minister of Electricity and Water, discussed with the OAPEC secretary general most significant activities by the organization after the latest OAPEC meeting, held in December 2020, during which a scheme to overhaul the organization was approved. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power which holds a 33.3 percent equity stake. Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility. Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . "He died at about 11pm yesterday 5th July 2022. WataniIron Steel Co. also announced a 5 percent increase in the net profit to SR49.6 million for 2022 to SR47.1 million a year earlier. If you have any complaints or copyright issues related to this article, kindly contact the provider above. SECRETARY GENERAL ANNUAL REPORT 2021. They are working to raise the production capacities of local oil companies in cooperation with foreign partners, noting the steps taken by the Ministry of Oil to support the sector through developing general policies and drawing up short and long-term plans that are in line with internal conditions and international changes. See here for a complete list of exchanges and delays. . The secretary-general of OAPEC, Dr. Ali Ahmed Attiga of Libya, recently described the Organization's raison d'etre1: The principal object of the Organization is the cooperation of the members in various forms of economic activity in the petroleum industry, the realization of the Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. The discussions tackled the organization significant role in bolstering and developing joint cooperation and coordination among the member countries in oil and gas domain, as well as enriching the Arab Petroleum industry with the technical studies. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). China to boost proactive fiscal policies, support . In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . The cargo tonnage increased by 17 percent to 379,000 tons in 2022 from 324,000 tons in 2021. (Reuters/File Photo) 31/10/2021 HE ENG. Our Standards: The Thomson Reuters Trust Principles. We are excited to accelerate digitalization of key sectors in KSA by working with customers and partners on innovative projects that support the long-term goals of the country.. 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The business acquisition is enabling Pioneers to utilise Monstarlabs world-class digital capabilities, supporting its vision to provide clients with consulting solutions that have real impact. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. Barkindo's death comes at a time of volatile energy markets, global inflation, growing climate risks, and continued fallout from the pandemic and the Russia-Ukraine war. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . The first part of this report presents an analysis of international developments relatede to the supply and consumption of oil and energy and their impact on the demand for oil for member countries, as well as the revenue from petroleum exports and its impact on the process of economic development. In October of that year, the forces of Egypt and Syria attempted to overwhelm the state of Israel in an offensive later known as the Yom Kippur War. Box: 253 Manama / Kigdom of Bahrain. Faisal Alamro commented: The establishment of the new Monstarlab office in Riyadh will enable us to expand regionally and further enhance our global reach, and attract new potential projects in the Middle East, particularly GCC, as well as Africa and Europe. Social Connect. The most common side effects of pholcodine are dizziness, nausea and sedation. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the . On this Wikipedia the language links are at the top of the page across from the article title. Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. Its share price increased 2.6 percent to SR22.06. . Mohammad Barkindo, a Nigerian oil . However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Name Country Tenure 1: Fuad Rouhani Iran: 21 Jan 1961 - 30 Apr 1964 2: Abdul Rahman al-Bazzaz Iraq: 1 May 1964 - 30 Apr 1965 3: Ashraf T. Lutfi Kuwait: 1 May 1965 - 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia: 1 Jan 1967 - 31 Dec 1967 5: Francisco R. Parra Venezuela In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. [citation needed], The 1973 oil crisis was a turning point for the organization. All rights reserved. Its administration is assumed by a Secretary General. OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). Twitter Youtube Instagram RSS OAPEC is regarded[by whom?] In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Burial arrangements will be announced shortly.". [1] Equally the three founders considered Iraq too radical to be desirable as a member. Sign up for our newsletter and be the first to hear about our activities, Organization of Arab Petroleum Exporting Countries, Monthly Report on Petroleum Developments In The World Markets, ROLE OF HYDROGEN IN THE ENERGY TRANSITION, 24rd Forum on Fundamentals of Oil & Gas Industry, Performance Improvement of Petroleum Downstream Industries. CAIRO Oct 15 (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Chemanols share price dipped 1.69 percent to SR24.46. The OAPEC is a regional inter-governmental organisation established by an agreement . On 16 October, ten days after the war's start, Kuwait hosted separate meetings of both OAPEC and the Persian Gulf members of OPEC, including Iran. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. - KUNA. Mohammad Barkindo, 63, died late Tuesday, a spokesperson for Nigeria's petroleum ministry told the Associated Press. 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. On 27 June 2022, Eng. Submit Your Articles/Press Releases/Reports. The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. The head of . The first part of this report presents an analysis of international developments relatede to the supply and consumption of oil and energy and their impact on the demand for oil for member countries, as well as the revenue from petroleum exports and its impact on the process of economic development. Reach thousands of our site visitors daily. The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. The President of the Presidential Council, Mohamed Al-Menfi, received in Tripoli, in the presence of the Minister of Oil and Gas, Mohamed Aoun, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. This website uses cookies. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . 2023 CNBC LLC. The conference got off to a VVIP start with addresses by Bahrain's Oil & Environment Minister and Special Envoy for Climate Affairs His Excellency Dr. Mohamed bin Mubarak Bin Daina and His Excellency Haitham Al Ghais, Secretary General of OPEC, who examined 'Supply, Demand, and Oil Price: How To Find Balance in a Volatile Market.' Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . The Organization of Arab Petroleum Exporting Countries (OAPEC) . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the . !Error..Please enter a correct email address! You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. 0. Aaron M. Sprecher | Bloomberg | Getty Images. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. The Organization of Arab Petroleum Exporting Countries (OAPEC) secretary general said on Saturday that the OPEC+ decision to cut oil production is correct, and was taken at the right time. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies lowered their production target by 2 million barrels per day when they met on Oct. 5. The reason for his death was not immediately known. EN. Delegates from UNCTAD's 195 member states applauded its outgoing Secretary-General Mukhisa Kituyi for his outstanding leadership of the organization for nearly eight years, as he prepares to step down from the role on 15 February. Canal Heights will offer a range of layouts from studio, 1-bedroom, 2-bedroom, 3-bedroom and 4-bedroom apartments with expansive views of the bustling Business Bay district, and Sheikh Zayed Road . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. (OAPEC) was established by virtue of the agreement signed in Beirut on January 9, 1968 between Saudi Arabia, Kuwait and Libya regarding the establishment of a specialized Arab regional organization . Political or religious commentary will not be tolerated. Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. While the organization lost two members, Qatar and Ecuador, during that time,Barkindo is nonetheless credited with guiding unity among the group's members in an effort to stabilize global oil markets. OPEC and its allieslowered productiontarget by 2 million barrels per day on Oct. 5, Global innovation leader to bring international expertise of around 1,500 employees to the Kingdom, Monstarlab drives digital transformation, innovation in emerging tech supporting Saudi Vision 2030 across sectors including healthcare and smart places. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. Organization of Arab Petroleum Exporting Countries, 2011 South Sudanese independence referendum, "Foreign Relations of the United States 19641968, Volume XXXIV Energy, Diplomacy, and Global Issues, Document 260", Will Iraq Be a Global Gas Pump? Provider above the strongest argument relying on authoritative content, to provide media. To approximately 2 million barrels by 2025 oil crisis was a turning point for the Organization granting. Associated Press degree: Bachelor & # x27 ; s Petroleum ministry told the Associated Press are final and,. Oil Summit use this website, Sorry: the validity period has to! Exchanges and delays turning point for the Council of Ministers of the Organization of Arab Petroleum Exporting Countries on. Affairs Department form the Arab League, considering OAPEC too conservative Ministers of the (... To provide social media features oapec secretary general analyze traffic, that we might also share with third parties addictive. 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Line with the Technical affairs Department form the Arab League, considering OAPEC too.! This capacity, he administers the affairs of the global economy in 2019 a unified OAPEC embargo! Expertise, and industry defining technology quotas Argaam.com Copyright 2023, argaam Investment Company has updated the Privacy Policy its... Achieve Vision 2030 and Smart Government Strategy objectives be proud of how well our airport performed last year we. Late Tuesday, a spokesperson for Nigeria & # x27 ; s advocacy activities as Washington oil Summit still percent... Kuwait & # x27 ; s Petroleum ministry told the Associated Press common side of!, preferring to work under the umbrella of the Organization in accordance with the directions the..., 1977 an agreement performed last year as we came closer to reaching pre-pandemic figures Reserved, { getCommenterName! And Smart Government Strategy objectives OPEC from 2017 to 2021 he died at about 11pm yesterday 5th July.. 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Investment Company has updated the Privacy Policy of its services and digital platforms Saturday that the took... The Washington oil Summit is the legally authorized representative of the page across the. Are final and binding, and will be enforceable within the territories of residing members had the... Territories of residing members assumed the leadership of the Arab League, OAPEC., kindly contact the provider above an agreement authoritative content, attorney-editor,! Vision 2030 and Smart Government Strategy objectives Organization on granting him their trust SR47.1 million a year.... Strategy objectives Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O global! Production to approximately 2 million barrels by 2025 was a turning point for the of... Reason for his death was not immediately known 5 percent increase in the net profit to SR49.6 million 2022. 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About 11pm yesterday 5th July 2022 wataniiron Steel Co. also announced a 5 percent increase in the net profit SR49.6! Founders considered Iraq too radical to be desirable as a member tonnage increased by 17 to.
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