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. If you have any complaints or copyright issues related to this article, kindly contact the provider above. OAPEC official says OPEC+ decision to cut oil production correct. contents - OAPEC. (Reuters/File Photo). SECRETARY GENERAL ANNUAL REPORT 2021. Steele will continue to focus on strengthening IATA's advocacy activities as . oOil Minister receives OAPEC Secretary General. . [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. 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. ! 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 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 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. 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. Libya had led OPEC previously Submit Your Articles/Press Releases/Reports. 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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. In 2021, the chain promised to train and recruit more minority and women . 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. Got a confidential news tip? Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. (Reporting by Moataz Mohamed; Editing by William Maclean). This data points to an even stronger recovery in 2023, and with passenger traffic on the rise, we are fully prepared to meet the needs of BIAs guests, BAC CEO Mohamed Yousif Al-Binfalah was quoted as saying. 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. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. Brief remarks by OPEC Secretary General. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. 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. 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. See here for a complete list of exchanges and delays. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. 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. It is time for the mining industry to compete with the oil industry, he said, adding: Oil has made the big move to move to the next generation. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. Abusive comments of any kind will be removed. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . Rates. . 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.". 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 By Trend. 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. Consequently, OAPEC became a much more activist organization, contrary to the original intention. 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. 23/03/2021 The developments of global LNG sector in 2020. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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. 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. "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.. 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[5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Twitter Youtube Instagram RSS 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+ . On 27 June 2022, Eng. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Bahrain Airport Co.s Airport Facilitation Committee on Wednesday disclosed these numbers at a meeting to review the operational aspects of the facility, which checked passengers, crew, and baggage movement at the BIA. [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]. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. 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 Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . All quotes delayed a minimum of 15 minutes. 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. Can Turkiye build back its cities better after the latest deadly earthquakes? Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, Japan Premium Food features various high quality Japanese food items in Dubai, Yellow Fever: Fans overjoyed as Ronaldo welcomed to Al-Nassr, Grandmaster of Tenshin Ryu Hyoho shares his inspiration for the Japanese art, Riyadhs Anime Town showcases compelling Japanese pop culture, UAEs Rashid Rover completes one month in space, Only 10% of Japanese plan to ditch masks when risk factor is lowered, Singapore-based football team wins first place at UAEs Japanese Gulf Cup, The Kingdom vs Captagon: Arab News investigates war on drug in latest Deep Dive, What is a bisht? Region, Cross 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 Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who 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 . Barkindo, 63, a veteran of the oil . We need the same in the mining sector.. 31/10/2021 HE ENG. ) 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 See here for a complete list of exchanges and delays. 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. OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. 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. 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. As part of its commitment to investing in KSA, Monstarlab recently announced the acquisition of Pioneers Consulting, a leader in design and implementation of strategies, founded by Faisal Alamro, Abdullah Aldakheel and Ahmed Alghofaily and developed in KSA. 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. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. 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. Social Connect. 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. All rights reserved. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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