Social Connect. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . A Division of NBCUniversal. 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. [1] Equally the three founders considered Iraq too radical to be desirable as a member. 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. 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 Brief remarks by OPEC Secretary General. 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. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. 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 original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. The Economics Department and the Technical Affairs Department form the Arab Center for . 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. By continuing to use this website you are giving consent to cookies being used. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. SECRETARY GENERAL ANNUAL REPORT 2021. Average selling prices also declined during the third and fourth quarters of the year. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. The cargo tonnage increased by 17 percent to 379,000 tons in 2022 from 324,000 tons in 2021. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. The total investment cost is funded by a combination of long-term debt and equity. Submit Your Articles/Press Releases/Reports. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. OAPEC secretary general Ali bin Sabt added in a statement. 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. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . 0. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. If you have any complaints or copyright issues related to this article, kindly contact the provider above. We want to hear from you. Be the first to know latest important news & events directly to your inbox. 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. Got a confidential news tip? Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. 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. Libya had led OPEC previously Abusive comments of any kind will be removed. 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 secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. All Rights Reserved. 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 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. The industry leader for online information for tax, accounting and finance professionals. 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+ . 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 . The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. 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. 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 position also oversees day-to-day affairs of the secretariat in Vienna. In the fourth quarter of 2022, the company registered a net loss of SR16 million against a net profit of SR79.86 million in the year-ago period. Mohammad Barkindo, a Nigerian oil . Links. Copyright 2000 MENAFN. 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. (Reuters/File Photo). The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. The visit reflects Libyas OPEC standing 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. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. contents - OAPEC. Know more about our Privacy Policy here. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. This website uses cookies. The Organization of Arab Petroleum Exporting Countries (OAPEC) . Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. 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. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. In 2021, the chain promised to train and recruit more minority and women . 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. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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. 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. 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. 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. Monstarlab aims to impact growth of emerging sectors such as smart places and healthcare tech in the Kingdom of Saudi Arabia and is already working with a range of private and public sector organisations in the country including high-level projects with NEOM and the Public Investment Fund. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. All quotes delayed a minimum of 15 minutes. Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. . 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The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . 52. Its share price increased 2.6 percent to SR22.06. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Global Business and Financial News, Stock Quotes, and Market Data and Analysis. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. 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 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. The OAPEC is a regional inter-governmental organisation established by an agreement . His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Please enter your username or email address to reset your password. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. 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. 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.. 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. Consequently, OAPEC became a much more activist organization, contrary to the original intention. Opinions expressed in the comments section do not reflect the views of Argaam. 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. 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.". Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 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. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. 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) secretary general said on Saturday that the OPEC+ decision to cut oil production is correct, and was taken at the right time. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Its administration is assumed by a Secretary General. [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]. 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. He was also a Member of the Organization's Internal Audit Committee, which he later skilfully chaired. 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. 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. 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. 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. (Reuters/File Photo) 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. China to boost proactive fiscal policies, support . Its share price closed slightly higher at SR53. 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. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. 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. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. 31/10/2021 HE ENG. He affirmed his willingness to do everything in his power to enhance the organization and its activity to face all the upcoming challenges in the field of energy, geopolitics and climate change issues that reflect on world economy. Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. 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 . OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). All rights reserved. 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 01 Mar 2023 12:48:50 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. See here for a complete list of exchanges and delays. 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 . 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. 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 . 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 . 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. 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 . "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.. 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. March 1, 2023. 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.
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