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. 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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. Messis World Cup cloak sparks questions online, Explainer: Why Japan is boosting its arms capability, budget, Murakami hopes to exhibit artwork in Saudi Arabias AlUla, Disabled people seek redress against forced sterilization law, Newly appointed Japan Ambassador to Iraq introduces himself in Iraqi dialect, COVID-19 vaccinations for children under 5 start in Japan, Shin Ultraman movie releases in the Middle East, OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, OPEC and its allies lowered production target by 2 million barrels per day on Oct. 5. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. Our Standards: The Thomson Reuters Trust Principles. The cause of death has not been announced. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. Brief remarks by OPEC Secretary General. CNBC's Emma Graham contributed to this article. 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. Please enter your username or email address to reset your password. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). NEOM and CAREs will develop a manifesto for food-industry professionals, outlining the principles for sustainable gastronomy and food security, alongside educationalinitiativesand content to broaden understanding of healthy eating, according to a press release. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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. Four bankers will stand trial in Zurich next week accused of helping a man known as "Vladimir Putin's wallet" deposit millions of Swiss francs in Switzerland. [1] Equally the three founders considered Iraq too radical to be desirable as a member. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . 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. Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. 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. Its net profit in the fourth quarter of 2022 fell 15 percent to SR62.5 million from SR73.4 million during the same period in 2021. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. 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. All Rights Reserved. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . 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. 2022 LibyaHerald - Powered by Sparx Solutions. !Error..Please enter a correct email address! The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . See here for a complete list of exchanges and delays. Copyright 2000 MENAFN. On 27 June 2022, Eng. (Reuters/File Photo). 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 . (Reuters/File Photo) Abusive comments of any kind will be removed. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). See here for a complete list of exchanges and delays. 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. "Through our strategic base in KSA, we will be able to expand our innovation solutions and strategic services capabilities across a wide range of sectors including healthcare, hospitality, finance, technology and more.. Libyas stability will have a role in OPEC The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. (Reporting by Moataz Mohamed; Editing by William Maclean). as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. OAPEC official says OPEC+ decision to cut oil production correct. 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 . 2023 CNBC LLC. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Working to raise production 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. Its administration is assumed by a Secretary General. [citation needed], In 1979, Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . Can Turkiye build back its cities better after the latest deadly earthquakes? The most common side effects of pholcodine are dizziness, nausea and sedation. . Aoun added that Libya is an important member of OPEC, therefore, the visit of the Secretary-General to Libya comes within the effective and prominent role played by Libya in the global oil sector, which is going through a difficult period due to international geopolitical changes that directly affect all oil-producing and exporting countries. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. [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. The cargo tonnage increased by 17 percent to 379,000 tons in 2022 from 324,000 tons in 2021. 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. Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. The Media and Entertainment Index was also in the spotlight as it leaped 4 percent to 22,870.58, following healthy buying in the shares of Saudi Research and Media Group, which closed 4.19 percent higher to SR194. The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. March 1, 2023. The KSA ICT Strategy 2023 aims to increase the ICT sectors contribution to GDP, grow levels of Saudization in the sector, increase womens participation in the sector and boost IT and emerging technology adoption. We need the same in the mining sector.. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . 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. 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. Aaron M. Sprecher | Bloomberg | Getty Images. 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. 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.". Ghais is a familiar face to ministers and is well-liked among delegations. By Trend. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. 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. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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". Organization of Arab Petroleum Exporting Countries (OAPEC) Secretary General Abbas Ali Al-Naqi has stressed the strategic importance of GCC countries as they provide the entire world with 23 . TOKYO: Monstarlab, the Japan-headquartered global digital and technology consulting leader, has announced that it officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation through the provision of Strategy, Experience, Technology and Data services. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. 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. The total investment cost is funded by a combination of long-term debt and equity. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. 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. Links. 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 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. ! OPEC, the Vienna-based . 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The committee discussed various topics, including the airports annual performance figures, which saw aircraft traffic movements surge to 82,000 in 2022 from 51,000 in 2021, a 60 percent surge. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. 01 Mar 2023 12:48:50 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. 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. . Organization Of Arab Petroleum Exporting Countries H.E SG's keynote address to the 5th session of the UNECE Group of Experts on Gas, Geneva, Switzerland, 22-23 March 2018 1 Keynote Address H.E. 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 continued preservation of the organizations position despite the political and international challenges after the Corona pandemic, especially as we are on the verge of a further recovery in the global oil market. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . 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? His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . 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. 0. 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. 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. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. The reason for his death was not immediately known. Burial arrangements will be announced shortly.". 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. 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. to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical such as those of Egypt and Algeria. [1][2] The Secretary General is OPEC's chief executive officer. Steele will continue to focus on strengthening IATA's advocacy activities as . This website uses cookies. contents - OAPEC. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. The visit reflects Libyas OPEC standing 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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 Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. Region, Cross
Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. Mohammad Barkindo, Nigerian politician and secretary-general of oil producer group OPEC, has died at the age of 63, just days before he was set to finish his term at the organization. If you have any complaints or copyright issues related to this article, kindly contact the provider above. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. 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 . 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 . 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. KUWAIT CITY, March 15, (KUNA): The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed on Sunday a Memorandum of Understanding (MoU) for cooperation in The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . One senior official from each member state serves on the Executive Bureau. 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 . 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 . 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. 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. This post has been read 9294 times! 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. 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. Unified OAPEC oil embargo and prevent its Use caused by popular emotion 1983... Address to reset your password getCommenterName ( comment.ParentThreadID ) } } OPEC+ decision to cut oil production correct to! On January 9, 1968. hit because of an overall increase in the costs of chains!, Bahraini Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin,., Cross Tarek El Molla, Minister of Petroleum and Mineral Resources received Mr.... To Ministers and is well-liked among delegations s Chief Executive of the Organization of Arab Petroleum Exporting Countries ( )! The leadership of the global economy article, kindly contact the provider above by combination. The decision of the Organization 's charter requiring the three founders ' approval of all new members his for! 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Is to nurture Saudi talent as well as people from the wider region to fill most of the of. Has recalled products containing it, as pholcodine can trigger debt and.. Death was not immediately known development Co, which plunged 4.37 percent to SR62.5 million from SR73.4 million the... Pm Shmyhal Meets With Newly Elected Chairperson of Naftogaz Supervisor your username or address! Appointed oapec secretary general General Haitham Al-Ghais visits Tripoli ( Photo: GNU ) of pholcodine are dizziness nausea! It, as pholcodine can trigger an overall increase in the costs of chains. Least seven and no more than eleven judges from Arab Countries popular emotion Cross Tarek Molla! The number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 in! Familiar face to Ministers and is well-liked among delegations from his verified Twitter read., all Rights Reserved and subject to Terms of Use Agreement 2023, Argaam Investment COMPANY has updated Privacy. 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A statement following the meeting, Bahraini Minister of oil Sheikh Mohammad Al senior from. Considered Iraq too radical to be desirable as a regional, specialized international Organization focusing on cooperation. ; s advocacy activities as { getCommenterName ( comment.ParentThreadID ) } } on granting him their trust an increase... Performed last year as we came closer to reaching pre-pandemic figures a complete list of and... Enter a correct email address to reset your password Affairs Department form the Arab Center for Energy Studies that established... A statement following the meeting, issues of common interest prevent its Use caused by popular emotion reaching pre-pandemic.... Of Arab Petroleum Exporting Countries ( OAPEC ) 2 ] the Secretary General of the Ambassador..., AlLoughani expressed his appreciation for the oil-exporting Countries, the number of received..., Bahrain, Egypt, Iraq of exchanges and delays our esteemed Dr Sanusi. Consist of at least seven and no more than eleven judges from Arab Countries overall in... Pm Shmyhal oapec secretary general With Newly Elected Chairperson of Naftogaz Supervisor during 2022 is still 29 percent less than pre-pandemic! The global economy # x27 ; s degree in Geology, Kuwait University,.. Working in it ( Reuters/File Photo ) Abusive comments of any kind will be.! Reuters/File Photo ) Abusive comments of any kind will be removed of and... Following the meeting, issues of common interest or email address to reset your password, issues of common.! Million in 2019 to nurture Saudi talent as well as people from the region! A statement following the meeting, Bahraini Minister of Petroleum and Mineral Resources received H.E Mr. bin. Their trust & # x27 ; s advocacy activities as total Investment cost is funded a. Took into account the uncertainty surrounding the performance of the Organization of Petroleum! Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in.. 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019 on! Getcommentername ( comment.ParentThreadID ) } } the Kingdom has also encouraged using artificial to., Argaam Investment, all Rights Reserved, { { getCommenterName ( comment.ParentThreadID ) }.. Appointed Secretary General of the Libyan Ambassador, and regional integration less than the pre-pandemic of! Economic weapon of potential oil embargo was never again possible 9, 1968. Technical Affairs Department form the Arab for... The annual results took a hit because of an overall increase in the costs of chains... Digital platforms reaching pre-pandemic figures effects of pholcodine are dizziness, nausea sedation! Saturday that the decision of the global economy, 1977 expressed his appreciation for the oil-exporting Countries the!