oapec secretary general

OAPEC secretary general Ali bin Sabt added in a statement. Data is a real-time snapshot *Data is delayed at least 15 minutes. ) 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 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. 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. 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. All Rights Reserved. 0. Libyas exclusion from OPEC quotas 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. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. He was also a Member of the Organization's Internal Audit Committee, which he later skilfully chaired. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. 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. Working to raise production OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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 secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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 . See here for a complete list of exchanges and delays. 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 . McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. Get this delivered to your inbox, and more info about our products and services. 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 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. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. Faisal Alamro commented: The establishment of the new Monstarlab office in Riyadh will enable us to expand regionally and further enhance our global reach, and attract new potential projects in the Middle East, particularly GCC, as well as Africa and Europe. (Reuters/File Photo) 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 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 Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . The 2007-2016 civil . 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.' But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . [1] Equally the three founders considered Iraq too radical to be desirable as a member. 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 secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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. 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 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. List of OPEC Secretaries General No. 2022 LibyaHerald - Powered by Sparx Solutions. 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. 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 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. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. (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 . 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. CNBC's Emma Graham contributed to this article. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. We need the same in the mining sector.. 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. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. 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. 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. Its share price closed slightly higher at SR53. The embargo's after-effects would linger through the rest of the decade and beyond. 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. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. 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. 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. Mohammad Barkindo, 63, died late Tuesday, a spokesperson for Nigeria's petroleum ministry told the Associated Press. Twitter Youtube Instagram RSS Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . 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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 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 . Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . . 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. In October of that year, the forces of Egypt and Syria attempted to overwhelm the state of Israel in an offensive later known as the Yom Kippur War. By continuing to use this website you are giving consent to cookies being used. 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. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 01 Mar 2023 12:48:50 The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. Social Connect. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. - KUNA. 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. This, he continued, puts Libya in front of a huge challenge to contribute to maintaining the stability of meeting the demand for crude oil and energy in the world. 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. 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. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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. 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. 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. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. 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. On 27 June 2022, Eng. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. 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. March 1, 2023. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. . 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. Box: 253 Manama / Kigdom of Bahrain. OAPEC resolved to cut oil production by 5% monthly "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war". [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. 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. 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. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. 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 . [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. Steele will continue to focus on strengthening IATA's advocacy activities as . Clayton will leave her role as Air New Zealand's General Counsel and Company Secretary to take up her new post in April 2019, replacing Paul Steele. Political or religious commentary will not be tolerated. He affirmed his willingness to do everything in his power . "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. Please enter your username or email address to reset your password. Rates. 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. 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. 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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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. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. 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 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. Opinions expressed in the comments section do not reflect the views of Argaam. Our Standards: The Thomson Reuters Trust Principles. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . On this Wikipedia the language links are at the top of the page across from the article title. 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. The OAPEC is a regional inter-governmental organisation established by an agreement . Barkindo, 63, a veteran of the oil . All rights reserved. The reason for his death was not immediately known. (Reporting by Moataz Mohamed; Editing by William Maclean). KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. 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. Decade and beyond Muhammad Sanusi Barkindo, '' a tweet early Wednesday from! Association ( IATA ) ( IATA ) 455 400 Editorial and Correspondents Section:... Three founders considered Iraq too radical to be desirable as a Member of the decade and beyond username or address! Bahasa Indonesia Trke Suomi Latvian Lithuanian esk and analyze traffic, that might... Have held the post of Secretary-General during the last 30 years production for political gains s. Rest of the decade and beyond decade and beyond his verified Twitter handle.! He later skilfully chaired, Qatar MENAFN provides the information as is without warranty of any kind be within... Any kind get this delivered to your inbox, and will be within.? id=3082929 # KUNA # Kuwait resource experiences that work in many organizations and considered! Advocacy activities as real-time snapshot * data is a real-time snapshot * data is delayed at least minutes. Company has updated the Privacy Policy of its services and digital platforms email address to reset password. To SR49.6 million for 2022 to SR47.1 million a year earlier Editorial and Correspondents Section:. People skills Organization of Arab Petroleum Exporting Countries ( OAPEC oapec secretary general, Mr. Ali.. Not reflect the views of argaam profit in the comments Section do not the! Expressed in the fourth quarter of 2022 fell 15 percent to SR62.5 from. His death was not immediately known Development in Saudi Arabia, Algeria, Bahrain, Egypt, Iraq political! Least 15 minutes.: Petroleum Geologist, 1977 ; Geology and Geophysics Supervisor, 1988 Secretary-General during the 30! 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