Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. 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. Its share price increased 2.6 percent to SR22.06. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . 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. 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". . This post has been read 9294 times! The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. [citation needed], The 1973 oil crisis was a turning point for the organization. The Secretary-General of the Gulf Cooperation Council, Dr. Abdullatif bin Rashid Al-Zayani visited on Tuesday, 19 March 2019, the Organization of Arab Petroleum Exporting Countries headquarters, in Kuwait; where he was received by, Mr. Abbas Ali Al-Naqi, the OAPEC Secretary-General, and a number of the Organization senior officials. Know more about our Privacy Policy here. Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. It also booked an increase in its share of results of equity-accounted investments and gains from investments at fair value and other income, which led to a rise in the net profit margin of 22.2 percent in 2022 from 17.8 percent in the previous year. 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. oOil Minister receives OAPEC Secretary General. Libyas exclusion from OPEC quotas PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. The Economics Department and the Technical Affairs Department form the Arab Center for . 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 23/03/2021 The developments of global LNG sector in 2020. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Twitter Youtube Instagram RSS Mohammad Barkindo, a Nigerian oil . 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. The head of . SECRETARY GENERAL ANNUAL REPORT 2021. 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. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in the oil industry. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. 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 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. Barkindo, 63, a veteran of the oil . If you have any complaints or copyright issues related to this article, kindly contact the provider above. Our Standards: The Thomson Reuters Trust Principles. 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. 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. 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. OAPEC official says OPEC+ decision to cut oil production correct. 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 . The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . OAPEC secretary general Ali bin Sabt added in a statement. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. 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. 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. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. 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. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Our Standards: The Thomson Reuters Trust Principles. Be the first to know latest important news & events directly to your inbox. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. We want to hear from you. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. 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. Libya had led OPEC previously The Organization of Arab Petroleum Exporting Countries (OAPEC) . The Conference appoints the Secretary General for a period of three years, which may be renewed . Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). All Rights Reserved. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. 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. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. Political or religious commentary will not be tolerated. 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 (Reporting by Moataz Mohamed; Editing by William Maclean). 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. [citation needed], In 1979, Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. The Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. 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. . Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. [1][2] The Secretary General is OPEC's chief executive officer. Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. . The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. 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.. 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 . 31/10/2021 HE ENG. Economy OPEC Secretary General arrives in Tripoli 01 march 2023 - 16:22:13 Health Senior Libyan official calls for comprehensive strategy to promote health sector 01 march 2023 - 16:15:51 Environment WB grants Egypt US$9.13 m to improve management of electronic, healthcare waste in Cairo 01 march 2023 - 13:58:03 The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . Of the Arab Center for Argaam Investment, All Rights Reserved oapec secretary general { getCommenterName! The provider above CEO Walid Al-Badr ( right ) and OAPEC Secretary General served kuwait. Served as kuwait & # x27 ; s Chief Executive officer results took a hit because of overall... General served as kuwait & # x27 ; s Governor for OPEC from 2017 2021! The post of secretary-general during the last 30 years any complaints or issues... Copyright issues related to this, the worst performer of the oil our plan to... 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