OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . 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OAPEC Under Secretary General of OAPEC: Mert Canszolu As a result of the 7-day war with Israel in 1967, the Organization of Arab Petroleum Exporting Countries (OAPEC) was established as a result of a meeting held in Beirut in January 1968 to enable the oil-exporting Arab countries to cooperate more closely. . Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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Region, Cross The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant. 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. I look forward to contributing to the organization's work on a plethora of energy-related issues, at a time when the world's eyes are focused on both short- and long-term energy market outlooks.". On 27 June 2022, Eng. 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. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. 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 . Barkindo, 63, a veteran of the oil . In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. OAPEC is regarded[by whom?] McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. (Reporting by Moataz Mohamed; Editing by William Maclean). Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . KUWAIT: The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed yesterday a memorandum of understanding (MoU) for cooperation in research and overhauling the oil sector and digital services. Last year, the airport was awarded the coveted ACI Airport Customer Experience Accreditation Level 2, underscoring BACs efforts to deliver a smooth and seamless experience to travelers and visitors. 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. . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Meanwhile, Al-BabtainPower and Telecommunication Co. informed the stock exchange that Portugal-basedMetalogalvaCo.acquireda 26 percent stake in AlBabtainFrance, which is 51 percent owned by AlBabtain, for SR3.74 million. 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. 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. He affirmed his willingness to do everything in his power to enhance the organization and its activity to face all the upcoming challenges in the field of energy, geopolitics and climate change issues that reflect on world economy. 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. One senior official from each member state serves on the Executive Bureau. 2023 CNBC LLC. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. 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. Last year, during the Future Minerals Forum in Riyadh, NEOMs CEO Nadhmi Al-Nasr announced the first phase of its green hydrogen facilities are set to come online in 2025. Its administration is assumed by a Secretary General. 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. - KUNA. Organisation of Arab Petroleum Exporting Countries (OAPEC) Kuwait Secretary-General Ali Sabt Ben Sabt: 1968 11 Organise cooperation in oil development and regional integration, provide legitimate means to preserve the members' individual and collective interest within the industry and provide access to consumer markets on fair and reasonable . [2] However, by early 1972, the criterion for admission had changed to oil being a significant source of revenue (rather than the principal source) of a prospective member nation; and Algeria, Iraq, Syria and Egypt had been admitted. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . 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. March 1, 2023. Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. 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OPEC Secretary General Mohammad Barkindo dies at age 63. 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. On the announcements front, Methanol Chemicals Co., also known as Chemanol, reported a 15 percent decline in its annual net profit to SR206.4 million from SR244 million in 2021. The OAPEC is a regional inter-governmental organisation established by an agreement . 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. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. 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 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 2022 LibyaHerald - Powered by Sparx Solutions. KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. Shafaq News/ The Organization of Arab Petroleum Exporting Countries (OAPEC) elected Iraq's oil minister, Hayyan Abdul-Ghani, as a secretary-general during its 109th meeting on Monday. Abdallah Salem el-Badri, a former head of Libya's National Oil Corporation served as secretary-general from 2007 to 2016, making him the longest serving holder of the post in the organisation's history. 31/10/2021 HE ENG. Consequently, OAPEC became a much more activist organization, contrary to the original intention. . 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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. The company on March 1 reported a 27 percent increase in net profit after zakat and tax to SR245.7 million in 2022 from SR193.3 million in 2021. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. 52. The head of . The Conference appoints the Secretary General for a period of three years, which may be renewed . 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. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. EN. TASIs total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 138 stocks of the listed 224 advanced and 70 retracted. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. 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. Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. Our Standards: The Thomson Reuters Trust Principles. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. Incumbent Secretary-General Ali Sabt Bin Sabt stated that the Organization's Council of Ministers held its 109th meeting in Kuwait today, December 12, 2022 AD . RIYADH: Saudi Arabias Tadawul All Share Index on Wednesday gained 89.56 points or 0.89 percent to close at 10,051.78, extending Tuesdays 101.52 points rise registered after seven sessions of losses. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. 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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. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. Social Connect. His career spanned over four decades and included work at Nigeria's National Petroleum Corp., Duke Oil, Nigeria's Foreign Ministry and Energy Ministry, as well as OPEC. 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. OAPEC resolved to cut oil production by 5% monthly "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war". 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