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 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 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 embargo's after-effects would linger through the rest of the decade and beyond. 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. Opinions expressed in the comments section do not reflect the views of Argaam. Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. KUWAIT, Dec 22 (KUNA) -- The Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) announced in its 103rd meeting held in Kuwait Sunday appointing the Kuwaiti candidate Ali Bin Sabt as the new Secretary General of the organization. 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 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. 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. 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 . CNBC's Emma Graham contributed to this article. The position also oversees day-to-day affairs of the secretariat in Vienna. contents - OAPEC. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). 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. 2022 LibyaHerald - Powered by Sparx Solutions. Box: 253 Manama / Kigdom of Bahrain. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. 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. 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. 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. 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. We want to hear from you. Brief remarks by OPEC Secretary General. The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. (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 . [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. A Division of NBCUniversal. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. 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. The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) has died in the Nigerian capital, Abuja, the country's oil chief said. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. 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 most common side effects of pholcodine are dizziness, nausea and sedation. Submit Your Articles/Press Releases/Reports. Please enter your username or email address to reset your password. 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. 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. OAPEC secretary general Ali bin Sabt added in a statement. The industry leader for online information for tax, accounting and finance professionals. 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.". On 27 June 2022, Eng. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Be the first to know latest important news & events directly to your inbox. By signing up, I agree to our TOS and Privacy Policy. 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. 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. 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. He was also a Member of the Organization's Internal Audit Committee, which he later skilfully chaired. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. Mohammad Barkindo, a Nigerian oil . 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. The visit reflects Libyas OPEC standing 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. 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. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. Oil Minister Dr Mohammad Al-Fares. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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 . McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. 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 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. Links. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "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.. 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? KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Working to raise production 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. 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. 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. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. All quotes delayed a minimum of 15 minutes. Libya had led OPEC previously Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. (Reuters/File Photo). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 . Four bankers will stand trial in Zurich next week accused of helping a man known as "Vladimir Putin's wallet" deposit millions of Swiss francs in Switzerland. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. Data is a real-time snapshot *Data is delayed at least 15 minutes. The Economics Department and the Technical Affairs Department form the Arab Center for . Our Standards: The Thomson Reuters Trust Principles. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. 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 . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. 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". If you have any complaints or copyright issues related to this article, kindly contact the provider above. Visit our, Oil Minister Aoun denies barring two UK companies from investing in oil sector, Delaying Eni gas deal would turn Libya into a gas importer by 2027: PM Aldabaiba, Mohamed Menfi Manfi Presidency Council head February 2021, JICA and WFP introduce Japanese Kaizen Management Approach to Libyan youth and female entrepreneurs, Conference on development of Libyas banking sector to be held next August in Benghazi, Third Libya Development Partners Forum meets in Tripoli to discuss Health Sector Reform, UBAE holds risk management training for Libyan banks in Tunis, The General Union of Chambers of Commerce signs cooperation agreement with its Malaysian counterpart, Marathon Airlines offers free tickets on inaugural Benghazi-Athens flight, Make 2023 the year of free and fair Libyan elections: U.S. State Department, NOC refutes African Intelligence report on prosecutor probes, CBL launches pre-loaded US$ 100,000 debit card for small business, OPEC Secretary General visits Tripoli: Stable Libya has a role in OPEC strategies. 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. OPEC, the Vienna-based . 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. 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. Libyas exclusion from OPEC quotas Read more; Welcoming remarks by Iraq's Minister of Oil The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. 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. 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 . According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. China to boost proactive fiscal policies, support . 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 head of . Sign up for free newsletters and get more CNBC delivered to your inbox. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . Last year, the airport was awarded the coveted ACI Airport Customer Experience Accreditation Level 2, underscoring BACs efforts to deliver a smooth and seamless experience to travelers and visitors. This website uses cookies. Burial arrangements will be announced shortly.". 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 secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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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