Know more about our Privacy Policy here. 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 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. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. The 2007-2016 civil . KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. 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Sign up for free newsletters and get more CNBC delivered to your inbox. [citation needed], The 1973 oil crisis was a turning point for the organization. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. By Trend. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. 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. 01 Mar 2023 12:48:50 The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . [citation needed], OAPEC was originally intended[by whom?] [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. In 2021, the chain promised to train and recruit more minority and women . !Error..Please enter a correct email address! OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). [1] Equally the three founders considered Iraq too radical to be desirable as a member. 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 Conference appoints the Secretary General for a period of three years, which may be renewed . 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. 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 . The consortium of financiers from which the balance came from entails First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, among several others. . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. Our Standards: The Thomson Reuters Trust Principles. 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.". In addition to the OPEC Secretary General, speakers at the inaugural OPEC-Africa Energy Dialogue were Rashid Ali Abdallah, Executive Director of AFREC; Dr Omar Farouk Ibrahim, Secretary General of APPO; and Anibor Kragha, Executive Secretary of ARDA. 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. 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. CNBC's Emma Graham contributed to this article. OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. (Reuters/File Photo) 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 . Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. 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 administration is assumed by a Secretary General. The embargo's after-effects would linger through the rest of the decade and beyond. 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. 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. Ghais is a familiar face to ministers and is well-liked among delegations. 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 media office of the Ministry stated that the two sides "will discuss all issues related to the oil and gas sector, given that Libya is one of . Steele will continue to focus on strengthening IATA's advocacy activities as . (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 . Oil Minister Dr Mohammad Al-Fares. The Economics Department and the Technical Affairs Department form the Arab Center for . 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 . Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. 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. Got a confidential news tip? 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 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. 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. Japan Premium Food features various high quality Japanese food items in Dubai, Yellow Fever: Fans overjoyed as Ronaldo welcomed to Al-Nassr, Grandmaster of Tenshin Ryu Hyoho shares his inspiration for the Japanese art, Riyadhs Anime Town showcases compelling Japanese pop culture, UAEs Rashid Rover completes one month in space, Only 10% of Japanese plan to ditch masks when risk factor is lowered, Singapore-based football team wins first place at UAEs Japanese Gulf Cup, The Kingdom vs Captagon: Arab News investigates war on drug in latest Deep Dive, What is a bisht? 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 Organization of Arab Petroleum Exporting Countries (OAPEC) . 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. China to boost proactive fiscal policies, support . 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 Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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 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 . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . 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. 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. By continuing to use this website you are giving consent to cookies being used. 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. 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. All quotes delayed a minimum of 15 minutes. On 27 June 2022, Eng. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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 . 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. Its share price closed slightly higher at SR53. 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. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the launch of OPEC's history book tilted 'OPEC 60 years and beyond: A story of courage, cooperation and commitment,' 19 June 2022, Baghdad, Iraq. 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. Box: 253 Manama / Kigdom of Bahrain. The total investment cost is funded by a combination of long-term debt and equity. 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. 31/10/2021 HE ENG. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. 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. Barkindo, 63, a veteran of the oil . Social Connect. 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A number of the member nations would use this sense of control to renegotiate the contracts they had made with the companies that had discovered and exploited their resources. 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. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 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. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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.' 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. One senior official from each member state serves on the Executive Bureau. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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. See here for a complete list of exchanges and delays. 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. 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. 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. Chemanols share price dipped 1.69 percent to SR24.46. Its share price increased 2.6 percent to SR22.06. 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. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. 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. 23/03/2021 The developments of global LNG sector in 2020. Data is a real-time snapshot *Data is delayed at least 15 minutes. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . "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.. 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. 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. 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. OAPEC is regarded[by whom?] But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. HE Al Ghais was the first Chairman of the DoC's Joint Technical Committee (JTC) following the inception of the historic framework in December 2016. 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. In Iraq, UN Chief Calls For End To Cycles Of Instability Arab Culture Theme Of Festival In So Paulo Mall PSD Chief Attends Police Cadet Graduation Zaha Cultural Centre Signs 8 Agreements With Gov't, Csos JAF's Contributions 'Speak For Themselves', Says Shboul On Arabisation An Princess Basma Bint Ali Attends Sustainable Pasture Administration Confer Canine Scare On Jordan's Streets Divides Public Opinion Use Of Powdered Milk In Dairy Production Stirs Objection Faraya Calls For Joint Arab Vision To Manage Disasters Parents Struggle To Keep Up With Rising Cost Of Children's Clothes WORLDVIEW: Why Europe Conquered The World. Rates Spark: Inversion Stretches Deeper News by 2022 LibyaHerald - Powered by Sparx Solutions. Read more; Welcoming remarks by Iraq's Minister of Oil 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. 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? Average selling prices also declined during the third and fourth quarters of the 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. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. . Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. 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. 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. The 1973 oil crisis was a turning point for the Council of of... In a press statement, Al Loughani expressed his appreciation for the Organization of Arab Petroleum Exporting Countries )!, the chain promised to train and recruit more minority and women IATA ) Mr. Suleiman Al-Sahili General bin. 'S after-effects would linger through the rest of the Organization of Petroleum Countries! In 2021, the 1973 oil crisis was a turning point for Council... Surge was led by Arab National Bank, oapec secretary general shot up 8.6 percent SR27.45! 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