The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. The meeting also included presentations on aviation security, fire prevention, and the upcoming full-scale emergency exercise, which will test the Airport Emergency Plan and assess the capabilities, readiness, and effectiveness of the facilitys emergency and rescue services in dealing with potential incidents. 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 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 2007-2016 civil . 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. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . 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. 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. 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. 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. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. Organization of Arab Petroleum Exporting Countries, Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil holds gains on China rebound, even as U.S. crude stocks rise, Reporting by Moataz Mohamed; Editing by William Maclean, Brazil's Petrobras seeks to trim massive payouts as profit beats forecasts, Exclusive: Urals oil supplies to Turkey jump in Feb as STAR refinery resumes Russian crude imports, Greta Thunberg detained by Norway police during pro-Sami protest, Swiss bankers face trial accused of helping Putin's friend transfer cash, Saudi, UK ministers agree to study combat air cooperation -Saudi agency, Brazil's Petrobras posts Q4 profit up 38%, US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', European banks, asset managers study halving stocks settlement time, Exclusive news, data and analytics for financial market professionals. EN. 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. All quotes delayed a minimum of 15 minutes. Brief remarks by OPEC Secretary General. 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 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. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. 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. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. We want to hear from you. 2022 LibyaHerald - Powered by Sparx Solutions. 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. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. In 2021, the chain promised to train and recruit more minority and women . The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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. By continuing to use this website you are giving consent to cookies being used. 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. Chemanols share price dipped 1.69 percent to SR24.46. Burial arrangements will be announced shortly.". Reach thousands of our site visitors daily. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. (Reuters/File Photo) 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. Political or religious commentary will not be tolerated. 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. [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 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. oOil Minister receives OAPEC Secretary General. OAPEC secretary general Ali bin Sabt added in a statement. SECRETARY GENERAL ANNUAL REPORT 2021. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. Social Connect. 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. 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. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. 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. 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.". The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. 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. [citation needed], OAPEC was originally intended[by whom?] Can Turkiye build back its cities better after the latest deadly earthquakes? Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. 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 Organization of Arab Petroleum Exporting Countries (OAPEC) . 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . Sign up for free newsletters and get more CNBC delivered to your inbox. 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. RIYADH: Saudi Arabiasgiga-project NEOMhaspartneredwithCAREs,a global programstartedby Italian chef NorbertNiederkoflerand Paolo Ferretti, to developaunique culinary identity where the food supply is treated responsibly from the planet to the plate. 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 . In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. 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. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. 0. A Division of NBCUniversal. [1][2] The Secretary General is OPEC's chief executive officer. On 27 June 2022, Eng. OAPEC is regarded[by whom?] 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 . OAPEC official says OPEC+ decision to cut oil production correct. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. 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. [1] Equally the three founders considered Iraq too radical to be desirable as a member. 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. 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 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 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 Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. 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 . Mohammad Barkindo, 63, died late Tuesday, a spokesperson for Nigeria's petroleum ministry told the Associated Press. Since taking the helm as secretary-general of OPEC in 2016, Barkindo oversaw tumultuous times for the oil producer group, which witnessed volatile markets rocked by historic events includingthe Covid-19 pandemic, the creation of the OPEC+ alliance with Russia and other non-OPEC states, and Russia's invasion of Ukraine. 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. OPEC Secretary General Mohammad Barkindo dies at age 63. 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. Aaron M. Sprecher | Bloomberg | Getty Images. 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. 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. . The most common side effects of pholcodine are dizziness, nausea and sedation. 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 OAPEC is a regional inter-governmental organisation established by an agreement . All Rights Reserved. Submit Your Articles/Press Releases/Reports. 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. Mohammad Barkindo, a Nigerian oil . 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 . 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. 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. Be the first to know latest important news & events directly to your inbox. This website you are giving consent to Our cookies if you use this website,:. 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