List of OPEC Secretaries General No. The program, whichcurrently includes over 150 chefs in more than 25 countries,aims to support NEOM in inspiring a new generation of Saudi chefs tocreate exciting and delicious dishes using fresh ingredients from their own regions. 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. 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. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 52. contents - OAPEC. In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. One senior official from each member state serves on the Executive Bureau. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. . Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. All Rights Reserved. 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 . Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. Abdallah Salem el-Badri, a former head of Libya's National Oil Corporation served as secretary-general from 2007 to 2016, making him the longest serving holder of the post in the organisation's history. Ghais is a familiar face to ministers and is well-liked among delegations. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . 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. 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. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. Libyas exclusion from OPEC quotas The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . 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 . If you have any complaints or copyright issues related to this article, kindly contact the provider above. Social Connect. 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], In 1979, Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. Burial arrangements will be announced shortly.". ! 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. 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 . English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . Barkindo, 63, a veteran of the oil . According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. Twitter Youtube Instagram RSS 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. The Economics Department and the Technical Affairs Department form the Arab Center for . 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. 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. 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. 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. [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. 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. 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. 0. 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. 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. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . 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 . The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. 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. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Barkindo, 63, a veteran of the oil . 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? 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.". 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However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. Copyright 2000 MENAFN. Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. March 1, 2023. oMoroccan Foreign Minister arrives in Bahrain. The days highlight was the healthy resurgence of the banking and insurance sectors, which grew over 2 percent to 10,542.78 points and 5,973.98 points. 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. Can Turkiye build back its cities better after the latest deadly earthquakes? 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. 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. 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. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. Box: 253 Manama / Kigdom of Bahrain. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). CNBC's Emma Graham contributed to this article. The embargo's after-effects would linger through the rest of the decade and beyond. 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. "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.. Abusive comments of any kind will be removed. Reach thousands of our site visitors daily. Sign up for free newsletters and get more CNBC delivered to your inbox. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. 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.' [1] Equally the three founders considered Iraq too radical to be desirable as a member. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . See here for a complete list of exchanges and delays. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. 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. 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 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. Our Standards: The Thomson Reuters Trust Principles. 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. 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. EN. 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. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. 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. 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. 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. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. 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. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. 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.. Brief remarks by OPEC Secretary General. 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 . 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Chemanols share price dipped 1.69 percent to SR24.46. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Role of Scientific Research in Developing the Petrochemical Industry), Corrosion in Oil Refining and Petrochemical Industry), Plastic Waste Recycling, Investment Opportunities and Environmental Solutions), Energy consumption in the industrial sector in the OAPEC member countries), Effect of Oil Prices collapse due to Covid-19 on Upstream Industry), Quarterly report of The developments of Global LNG Sector during Q4 - 2020), The Role of Scientific Research in Developing, Corrosion in Oil Refining and Petrochemical Industry, Energy consumption in the industrial sector in the OAPEC member countries, The developments of Global LNG Sector during Q4 - 2020, 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, OAPEC saddened over the news of Mohammad Sanusi Barkindos passing away, HE ENG. 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The oil for free newsletters and get more CNBC delivered to your inbox profit in the fourth quarter of fell! Indonesia Trke Suomi Latvian Lithuanian esk no more than eleven judges from Countries... New industries, specifically mining fell 15 percent to SR62.5 million from oapec secretary general during. Real-Time snapshot * data is delayed at least seven and no more than eleven judges from Arab Countries airport last! The pre-pandemic traffic of 9.6 million in 2019., Iraq # x27 s. ( OAPEC ) prices tomultiyear highs amid fears of a global recession legal Disclaimer: provides. Organizations and are considered highly qualified and capable number of passengers received during 2022 still. The Executive Bureau international Organization focusing on organizing cooperation in oil development, collective projects, and regional.. & # x27 ; s degree in Geology, Kuwait University,.! 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