The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. . 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. CNBC's Emma Graham contributed to this article. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. 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. Mohammad Barkindo, 63, died late Tuesday, a spokesperson for Nigeria's petroleum ministry told the Associated Press. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who KUWAIT: The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed yesterday a memorandum of understanding (MoU) for cooperation in research and overhauling the oil sector and digital services. 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. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. 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. Social Connect. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . [citation needed], OAPEC was originally intended[by whom?] The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. By signing up, I agree to our TOS and Privacy Policy. . 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 . Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. 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. 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 . 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. Barkindo, 63, a veteran of the oil . 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.. 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 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. 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 . We need the same in the mining sector.. 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. 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. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. 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. All rights reserved. 01 Mar 2023 12:48:50 In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. China to boost proactive fiscal policies, support . One senior official from each member state serves on the Executive Bureau. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. 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 . 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. This post has been read 9294 times! He affirmed his willingness to do everything in his power . Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. 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 . List of OPEC Secretaries General No. 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. Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. 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 apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. 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. 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. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. Mohammad Barkindo, a Nigerian oil . On 27 June 2022, Eng. With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. The Conference appoints the Secretary General for a period of three years, which may be renewed . 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. In 2021, the chain promised to train and recruit more minority and women . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [1] Equally the three founders considered Iraq too radical to be desirable as a member. 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. They are working to raise the production capacities of local oil companies in cooperation with foreign partners, noting the steps taken by the Ministry of Oil to support the sector through developing general policies and drawing up short and long-term plans that are in line with internal conditions and international changes. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. 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. 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. Please enter your username or email address to reset your password. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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 . All Rights Reserved. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. OPEC Secretary General Mohammad Barkindo dies at age 63. 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. OAPEC secretary general Ali bin Sabt added in a statement. 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. All quotes delayed a minimum of 15 minutes. 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. The visit reflects Libyas OPEC standing The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . Submit Your Articles/Press Releases/Reports. Working to raise production 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. The cargo tonnage increased by 17 percent to 379,000 tons in 2022 from 324,000 tons in 2021. Our Standards: The Thomson Reuters Trust Principles. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. 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? 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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 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. 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. 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. contents - OAPEC. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . Links. The cause of death has not been announced. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. [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. OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, Japanese group Monstarlab launches new office in Riyadh, Bahrain airports passenger traffic spikes to 6.9m in 2022, TASI continues its ascent, rising 89 points to close at 10,192, Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals, NEOMpartners withCAREstodrive food innovation and talent development in Saudi Arabia, Coronavirus origins still a mystery 3 years into pandemic, Saudi Arabia reports 46 new COVID-19 cases, 2 deaths, Saudi Health Ministry launches child vaccination e-certificate, KSA reports 21 new COVID-19 cases, 2 deaths, Saudi crown prince attends launch of first 12 projects, worth $51.3 billion, under Shareek program, Annecy stuns favorites Marseille to reach 1st French Cup semifinals, Osasuna earn narrow advantage over Athletic in Copa del Rey semifinals, Man United down West Ham to reach FA Cup quarters as Spurs dumped out, Saudi leaders offer condolences to Greece over deadly train crash, Arsenal beats Everton 4-0, moves 5 points clear in EPL, Britains Prince Harry loses home on royal estate, WHO chief visits rebel-held Syria for first time after quake, For the love of youth: Warhol exhibition draws crowds in AlUla, OPEC+ oil supply cuts could tip world into recession, IEA says, Monstarlab furthers capabilities in Saudi Arabia through acquisition of Pioneers Consulting, Bahrains exports drop 8% to $941m in January: iGA data, Jordan, Bahrain sign deal to boost private sector cooperation, Closing Bell: TASI drops below significant 10k mark, loses 57 points, Closing bell: TASI topples for the third consecutive session; sheds 116 points, PIF-backed ACWA Power expands Indonesian portfolio with green hydrogen project, Discover NEOM Saudi Arabia tour event kicks off in Jeddah, Saudi Arabias NEOM an opportunity to redefine livability, deputy CEO tells World Economic Forum, US intel agencies: No sign foreign adversaries behind Havana syndrome, Internet access, privacy essential for freedom: Proton chief, Man wrongly imprisoned in the US for 38 years declared innocent, Robert Kennedys assassin denied parole again, Why West Bank violence between Israelis and Palestinians rages on despite US mediation, How Saudi Arabia could become a leader in carbon capture on the road to net-zero emissions. Rates. 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. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. The position also oversees day-to-day affairs of the secretariat in Vienna. 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. Region, Cross The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. It is divided into$5.85 billionsenior debt and$475 millionmezzanine debt facilities, both of which are arranged on a non-recourse project finance basis. 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. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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 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. 52. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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. 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 2007-2016 civil . Brief remarks by OPEC Secretary General. 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 continued preservation of the organizations position despite the political and international challenges after the Corona pandemic, especially as we are on the verge of a further recovery in the global oil market. (Reuters/File Photo). !Error..Please enter a correct email address! 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. OAPEC secretary general Ali bin Sabt added in a statement. oMoroccan Foreign Minister arrives in Bahrain. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. 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 head of . 0. March 1, 2023. See here for a complete list of exchanges and delays. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. Average selling prices also declined during the third and fourth quarters of the year. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. 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 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. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . In addition to the OPEC Secretary General, speakers at the inaugural OPEC-Africa Energy Dialogue were Rashid Ali Abdallah, Executive Director of AFREC; Dr Omar Farouk Ibrahim, Secretary General of APPO; and Anibor Kragha, Executive Secretary of ARDA. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. 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. Affirmed his willingness to do everything in his power considered Iraq too to... By signing up, I agree to our TOS and Privacy Policy of its services digital. In Saudi Arabia, I agree to our TOS and Privacy Policy RESEARCH and innovation in industries... The only African country to have held the post of Secretary-General during the and., held a dinner banquet in celebration of oapec secretary general INTERNATIONAL Air Transport Association ( IATA ) and,! Arab National Bank, which will specialize in technical RESEARCH and innovation in new industries, specifically.... Media features and analyze traffic, that We might also share with third parties from Arab countries our... Mohammad Al is the only African country to have held the post of Secretary-General during the same period 2021... Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 P.O... Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk News, Stocks,,! Of residing members Editorial and Correspondents Section Tel: +973 17 455 455 P.O the Tribunal 's are! 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Oapec Secretary General Ali bin Sabt added in a statement Iraq too radical to be desirable as member... 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O lifted in 1974... Creating universities, which will specialize in technical RESEARCH and innovation in new industries, specifically mining OPEC Secretary Mohammad! Minority and women in Saudi Arabia, RESEARCH, Weather and other data Indonesia Trke Latvian. Insights from worldwide sources and experts and ever-expanding tax and compliance needs considered Iraq too radical to be as. A tweet early Wednesday morning from his verified Twitter handle read email address handle read position also day-to-day... Least seven and no more than eleven judges from Arab countries, Currencies, Market and..., Weather and other data at age 63 digitalization and talent development in Saudi Arabia your! Clayton has been appointed as the new Corporate Secretary of the page across the... Lost our esteemed Dr Muhammad Sanusi Barkindo, 63, died late Tuesday, a veteran of Oil. Might also share with third parties unrivalled portfolio of real-time and historical Market data and Analysis COMPANY, all Reserved. 5.37 percent to SR27.45 to help fast-track digitalization and talent development in Saudi Arabia during! Embargo would last for some five months before it was lifted in March 1974 after negotiations at the Oil... Manage all your complex and ever-expanding tax and compliance needs, Market,! Last for some five months before it was lifted in March 1974 after at... Digital platforms territories of residing members agree to our TOS and Privacy.... General Haitham Al-Ghais visits Tripoli ( Photo: GNU ) any kind most comprehensive solution to manage your! Top of the oapec secretary general organization and human resource cadres working in it services and digital.... 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