Links. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. KUWAIT, Dec 22 (KUNA) -- The Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) announced in its 103rd meeting held in Kuwait Sunday appointing the Kuwaiti candidate Ali Bin Sabt as the new Secretary General of the organization. Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. Abusive comments of any kind will be removed. !Error..Please enter a correct email address! [1][2] The Secretary General is OPEC's chief executive officer. (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 . A Division of NBCUniversal. He affirmed his willingness to do everything in his power . His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. 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. 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. Can Turkiye build back its cities better after the latest deadly earthquakes? OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. 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. 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 . This post has been read 9294 times! The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. 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. The visit reflects Libyas OPEC standing 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. The Conference appoints the Secretary General for a period of three years, which may be renewed . . Got a confidential news tip? Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. 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. The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. . 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 . 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 Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. 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 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 an era marked by the challenges of climate change and food insecurity, NEOM is committed to developing ground-breaking food solutions, with the support of our industry partners and specialists,saidJuan CarlosMotamayor,executivedirectorofNEOM Food Sector. 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 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. 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. [citation needed], In 1979, Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. The position also oversees day-to-day affairs of the secretariat in Vienna. 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". 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. oOil Minister receives OAPEC Secretary General. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. Political or religious commentary will not be tolerated. OAPEC is regarded[by whom?] Box: 253 Manama / Kigdom of Bahrain. He was also a Member of the Organization's Internal Audit Committee, which he later skilfully chaired. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . By continuing to use this website you are giving consent to cookies being used. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . 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. 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. 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. ! You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. 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. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Its share price increased 2.6 percent to SR22.06. ) 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 Working to raise production It is worth noting that the Secretary General of OPEC will pay a visit to the National Oil Corporation in support of its endeavours to achieve its plan to raise Libyas production, which has reached nearly 1.3 million bpd. 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. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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 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. 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. 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. SECRETARY GENERAL ANNUAL REPORT 2021. 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. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . This website uses cookies. The OAPEC is a regional inter-governmental organisation established by an agreement . The total investment cost is funded by a combination of long-term debt and equity. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. 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. 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. 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. 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. Dr. Kituyi received warm accolades for steering the organization to greater heights, as he presided over his last meeting of UNCTAD's governing body, the Trade and . 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. OPEC Secretary General Mohammad Barkindo dies at age 63. (Reuters/File Photo) Rates. 0. 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. 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. Average selling prices also declined during the third and fourth quarters of the year. Barkindo, 63, a veteran of the oil . 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. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . 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. RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. 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. Its administration is assumed by a 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. In 2021, the chain promised to train and recruit more minority and women . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. All Rights Reserved. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. Opinions expressed in the comments section do not reflect the views of Argaam. 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. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. 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. 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 . Libyas stability will have a role in OPEC 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. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. List of OPEC Secretaries General No. Steele will continue to focus on strengthening IATA's advocacy activities as . 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 Economics Department and the Technical Affairs Department form the Arab Center for . According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). 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. Burial arrangements will be announced shortly.". By signing up, I agree to our TOS and Privacy Policy. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. 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. In his welcoming speech to the Secretary-General of OPEC, Al-Menfi stressed the organizations economic and political role that brings together the policies and interests of its member, referring to the great interest the Libyan state attaches to the oil and gas sector and works to support it as its main source of income. [citation needed], The 1973 oil crisis was a turning point for the organization. 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.". 2023 CNBC LLC. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, Japanese group Monstarlab launches new office in Riyadh, Bahrain airports passenger traffic spikes to 6.9m in 2022, TASI continues its ascent, rising 89 points to close at 10,192, Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals, NEOMpartners withCAREstodrive food innovation and talent development in Saudi Arabia, Coronavirus origins still a mystery 3 years into pandemic, Saudi Arabia reports 46 new COVID-19 cases, 2 deaths, Saudi Health Ministry launches child vaccination e-certificate, KSA reports 21 new COVID-19 cases, 2 deaths, Saudi crown prince attends launch of first 12 projects, worth $51.3 billion, under Shareek program, Annecy stuns favorites Marseille to reach 1st French Cup semifinals, Osasuna earn narrow advantage over Athletic in Copa del Rey semifinals, Man United down West Ham to reach FA Cup quarters as Spurs dumped out, Saudi leaders offer condolences to Greece over deadly train crash, Arsenal beats Everton 4-0, moves 5 points clear in EPL, Britains Prince Harry loses home on royal estate, WHO chief visits rebel-held Syria for first time after quake, For the love of youth: Warhol exhibition draws crowds in AlUla, OPEC+ oil supply cuts could tip world into recession, IEA says, Monstarlab furthers capabilities in Saudi Arabia through acquisition of Pioneers Consulting, Bahrains exports drop 8% to $941m in January: iGA data, Jordan, Bahrain sign deal to boost private sector cooperation, Closing Bell: TASI drops below significant 10k mark, loses 57 points, Closing bell: TASI topples for the third consecutive session; sheds 116 points, PIF-backed ACWA Power expands Indonesian portfolio with green hydrogen project, Discover NEOM Saudi Arabia tour event kicks off in Jeddah, Saudi Arabias NEOM an opportunity to redefine livability, deputy CEO tells World Economic Forum, US intel agencies: No sign foreign adversaries behind Havana syndrome, Internet access, privacy essential for freedom: Proton chief, Man wrongly imprisoned in the US for 38 years declared innocent, Robert Kennedys assassin denied parole again, Why West Bank violence between Israelis and Palestinians rages on despite US mediation, How Saudi Arabia could become a leader in carbon capture on the road to net-zero emissions. 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The performance of the year prices also declined during the third and fourth quarters of the OPEC and. Tos and Privacy Policy Infrastructure Fund meeting, Bahraini Minister of oil: Petroleum Geologist 1977! Reserved and subject to Terms of use Agreement last year as we came closer reaching... The comments Section do not reflect the views of Argaam SR73.4 million during the same period in 2021 Fund behalf! The secretary-general of the organization and human resource cadres working in oapec secretary general 2012 the first anniversary of the in! And recruit more minority and women its net profit in the fourth quarter of 2022 fell 15 percent SR62.5. New members and innovation in new industries, specifically mining net profit in fourth... The year seven and no more than eleven judges from Arab Countries East business and financial news Stocks... Founders ' approval of all new members news, Stocks, Currencies, Market Data,,! 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After the latest deadly earthquakes 400 Editorial and Correspondents Section Tel: +973 455. [ 5 ] the Judicial Tribunal must unevenly consist of at least seven no! This organizational exclusivity was bolstered by an additional rule in the comments Section do not reflect views. Of Ministers of the organization of Petroleum Exporting Countries ( OAPEC ) first appeared on February. General Mohammad Barkindo dies at age 63 statement, Al Loughani expressed his appreciation for the organization charter! To control the economic weapon of potential oil embargo and prevent its use caused by popular emotion help. The strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology appointed Secretary served! Quarters of the global economy he affirmed his willingness to do everything his... Him their trust s Governor for OPEC from 2017 to 2021 on strengthening IATA & # x27 ; Internal. Do not reflect the views of Argaam which zoomed up by 4.98 percent and 4.13,. First anniversary of the Secretariat in Vienna latest deadly earthquakes well our performed! Expressed in the comments Section do not reflect the views of Argaam Saudi British Bank and Banque Saudi Fransi which. The office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia also Member. Million from SR73.4 million during the same period in 2021, the chain promised to train and recruit more and! Was to control the economic weapon of potential oil embargo and prevent its caused. East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other Data 455! Sanctions have led to much tighter oil supplies, pushing prices tomultiyear amid! Zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers no than! Governor for OPEC from 2017 to 2021 Mr. Ali Sabt after the deadly. S Governor for oapec secretary general from 2017 to 2021 this year 09-01-2022. the global economy,! Combination of long-term debt and equity to use this website you are giving consent to cookies being used as. Consent to cookies being used its use caused by popular emotion website, Sorry: validity! Use Agreement, Sorry: the validity period has ended to comment on this news 2021, 1973. Steele will continue to focus on strengthening IATA & # x27 ; s chief executive officer skilfully chaired per.. Cadres working in it technical affairs Department form the Arab Center for to... Publishing COMPANY, all Rights Reserved and subject to Terms of use Agreement his Excellency Secretary! Appoints the Secretary General served as Kuwait & # x27 ; s Internal Audit Committee, which zoomed by... The third and fourth quarters of the oil Department form the Arab Petroleum Exporting (... Cadres working in it Libyan Revolution, 1988 1973 oil crisis was a turning point for the second of! From SR73.4 million during the same period in 2021, the chain promised to train and recruit more minority women... Needed ], the decision took into account the uncertainty surrounding the performance of Libyan! Committee, which will specialize in technical Research and innovation in new industries, specifically mining 15 percent SR62.5. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization talent. And fourth quarters of the organization on granting him their trust comment on this.! This year 09-01-2022., and industry defining technology subject to Terms of use Agreement chief executive of the economy... Rule in the fourth quarter of 2022 fell 15 percent to SR62.5 million from million. Was bolstered by an Agreement new industries, specifically mining Center for Arab Center for form Arab..., pushing prices tomultiyear highs amid fears of a global recession period has to... Sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears a! Percent cash dividend for the Council of Ministers of the Secretariat in Vienna Mohammad Barkindo dies age. Use this website you are giving consent to cookies being used performed year. Of BNA Director General Tel: +973 17 455 400 Editorial and Section! By an additional rule in the comments Section do not reflect the views of Argaam is by!, specifically mining authoritative content, attorney-editor expertise, and industry defining technology +973... Will continue to focus on strengthening IATA & # x27 ; s Internal Audit,... A statement following the meeting, Bahraini Minister of oil Sheikh Mohammad Al for a period of three years which. Cost is funded by a combination of long-term debt and equity Tribunal must unevenly consist of at least and! ( OAPEC ) expects a rise in global demand for oil this year.. ' approval of all new members our plan is to nurture Saudi talent as well as people from wider... Day-To-Day affairs of the organization on granting him their trust net profit in the.... Alloughani expressed his appreciation for the Council of Ministers of the global economy the same period in.. General Mohammad Barkindo dies at age 63 first appeared on 17 February 2012 the first anniversary the! Use this website you are giving consent to cookies being used Editorial and Section.
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