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. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. 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. 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. Chemanols share price dipped 1.69 percent to SR24.46. Rates. 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. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. 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. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. 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 . 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. 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. List of OPEC Secretaries General No. 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 . In 2021, the chain promised to train and recruit more minority and women . . 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. Consequently, OAPEC became a much more activist organization, contrary to the original intention. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. All rights reserved. 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. Social Connect. [citation needed], In 1982, the Arab League's Arab Petroleum Congress (founded in 1959) merged into OAPEC's Arab Energy Conference (founded in 1979),[3] which has continued to meet periodically through at least 2014.[4]. 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. . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. Submit Your Articles/Press Releases/Reports. Libyas stability will have a role in OPEC The industry leader for online information for tax, accounting and finance professionals. The cause of death has not been announced. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. OAPEC secretary general Ali bin Sabt added in a statement. Region, Cross
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. ) 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 On 9 January 1968, three of the thenmost conservative Arab oil states Kuwait, Libya, and Saudi Arabia agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. 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 . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. This post has been read 9294 times! We need the same in the mining sector.. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Libyas exclusion from OPEC quotas Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. "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.. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Visit our, Oil Minister Aoun denies barring two UK companies from investing in oil sector, Delaying Eni gas deal would turn Libya into a gas importer by 2027: PM Aldabaiba, Mohamed Menfi Manfi Presidency Council head February 2021, JICA and WFP introduce Japanese Kaizen Management Approach to Libyan youth and female entrepreneurs, Conference on development of Libyas banking sector to be held next August in Benghazi, Third Libya Development Partners Forum meets in Tripoli to discuss Health Sector Reform, UBAE holds risk management training for Libyan banks in Tunis, The General Union of Chambers of Commerce signs cooperation agreement with its Malaysian counterpart, Marathon Airlines offers free tickets on inaugural Benghazi-Athens flight, Make 2023 the year of free and fair Libyan elections: U.S. State Department, NOC refutes African Intelligence report on prosecutor probes, CBL launches pre-loaded US$ 100,000 debit card for small business, OPEC Secretary General visits Tripoli: Stable Libya has a role in OPEC strategies. 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 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 . 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. 23/03/2021 The developments of global LNG sector in 2020. 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. 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. 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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. 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. 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 . Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, oMoroccan Foreign Minister arrives in Bahrain. 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. 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. We want to hear from you. 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. 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. 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. 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 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 . 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. Oil Minister Dr Mohammad Al-Fares. Copyright 2000 MENAFN. Political or religious commentary will not be tolerated. 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. Be the first to know latest important news & events directly to your inbox. He affirmed his willingness to do everything in his power . 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. 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. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. 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.