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. 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 . Social Connect. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. On 27 June 2022, Eng. 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. 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. Region, Cross OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. 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. He led 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 . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Know more about our Privacy Policy here. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. The embargo's after-effects would linger through the rest of the decade and beyond. . 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. 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 . The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . 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. 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. 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. 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. 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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. 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.". as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. 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. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. The Organization of Arab Petroleum Exporting Countries (OAPEC) . 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. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. The visit reflects Libyas OPEC standing MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. We want to hear from you. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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. 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. "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.. Submit Your Articles/Press Releases/Reports. 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. 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. Oil Minister Dr Mohammad Al-Fares. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 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.. By Trend. The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant. 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 . The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. 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 2007-2016 civil . You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. ! Our Standards: The Thomson Reuters Trust Principles. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 0. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). The industry leader for online information for tax, accounting and finance professionals. 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 . 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 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. The most common side effects of pholcodine are dizziness, nausea and sedation. 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. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. The total investment cost is funded by a combination of long-term debt and equity. 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 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 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. 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 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 reason for his death was not immediately known. 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