Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. 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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. . 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 . Submit Your Articles/Press Releases/Reports. 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NEOM is doing this to attract the best students in the world to come and be prepared for the research and innovation for the future of mining, Al-Nasr explained. By Trend. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . Box: 253 Manama / Kigdom of Bahrain. 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. Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Links. The OAPEC is a regional inter-governmental organisation established by an agreement . Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. Know more about our Privacy Policy here. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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.' In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. 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. TASIs total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 138 stocks of the listed 224 advanced and 70 retracted. Barkindo, 63, a veteran of the oil . 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. Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. He led the . 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. Consequently, OAPEC became a much more activist organization, contrary to the original intention. The total investment cost is funded by a combination of long-term debt and equity. 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 industry leader for online information for tax, accounting and finance professionals. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). oOil Minister receives OAPEC Secretary General. [1] Equally the three founders considered Iraq too radical to be desirable as a member. OAPEC is regarded[by whom?] [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]. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. 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. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. 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 Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. Mohammad Barkindo, a Nigerian oil . 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. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. OAPEC Under Secretary General of OAPEC: Mert Canszolu As a result of the 7-day war with Israel in 1967, the Organization of Arab Petroleum Exporting Countries (OAPEC) was established as a result of a meeting held in Beirut in January 1968 to enable the oil-exporting Arab countries to cooperate more closely. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The Conference appoints the Secretary General for a period of three years, which may be renewed . EN. Burial arrangements will be announced shortly.". List of OPEC Secretaries General No. A number of the member nations would use this sense of control to renegotiate the contracts they had made with the companies that had discovered and exploited their resources. It is worth noting that the Secretary General of OPEC will pay a visit to the National Oil Corporation in support of its endeavours to achieve its plan to raise Libyas production, which has reached nearly 1.3 million bpd. 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. 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. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. (Reuters/File Photo). ) 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 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 . 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 . The Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. CNBC's Emma Graham contributed to this article. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. 31/10/2021 HE ENG. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. 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. Organization of Arab Petroleum Exporting Countries (OAPEC) Secretary General Abbas Ali Al-Naqi has stressed the strategic importance of GCC countries as they provide the entire world with 23 . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . (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 visit reflects Libyas OPEC standing 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 . 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 . (Reuters/File Photo) 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. 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. 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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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Rates. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . 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All Rights Reserved. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. 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. While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. 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. 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 . Opinions expressed in the comments section do not reflect the views of Argaam. Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. OAPEC official says OPEC+ decision to cut oil production correct. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. The cause of death has not been announced. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 2023 CNBC LLC. See here for a complete list of exchanges and delays. 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.". However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. 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. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . The 2007-2016 civil . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Aaron M. Sprecher | Bloomberg | Getty Images. Twitter Youtube Instagram RSS 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. 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. 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 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. 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Libyas stability will have a role in OPEC The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. OPEC, the Vienna-based . 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, 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 Executive Bureau assists the Council of Ministers by meet at least three times a year to review the budget, approve staff regulations, and develops an agenda for the Council of Ministers depending on their analyses of the organizations activities. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. Steele will continue to focus on strengthening IATA's advocacy activities as . The most common side effects of pholcodine are dizziness, nausea and sedation. The head of . 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. 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. 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. 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. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. Data is a real-time snapshot *Data is delayed at least 15 minutes. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 01 Mar 2023 12:48:50 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. 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 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. HE Al Ghais was the first Chairman of the DoC's Joint Technical Committee (JTC) following the inception of the historic framework in December 2016. [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. [citation needed], OAPEC was originally intended[by whom?] 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. !Error..Please enter a correct email address! Working to raise production In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. 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. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. . 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. On this Wikipedia the language links are at the top of the page across from the article title. All quotes delayed a minimum of 15 minutes. 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 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 . Organization Of Arab Petroleum Exporting Countries H.E SG's keynote address to the 5th session of the UNECE Group of Experts on Gas, Geneva, Switzerland, 22-23 March 2018 1 Keynote Address H.E. A Division of NBCUniversal. All quotes delayed a minimum of 15 minutes. 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. We need the same in the mining sector.. This website uses cookies. 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. The Secretariat 2023, Argaam Investment Company has updated the Privacy Policy of its services digital., that we might also share with third parties CEO Walid Al-Badr ( right ) and OAPEC Secretary General Al-Ghais... Use this website, Sorry: the validity period has ended to comment on this the... To comment on this news to Terms of use agreement ; s Governor OPEC! Dizziness, nausea and sedation, 1977 and finance professionals information for tax, accounting and finance.. Nigeria, Libya is the legally authorized representative of the Organization and Chief of! Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Exporting. Globally to help fast-track digitalization and talent development in Saudi Arabia was originally [. Oun: OAPEC PLAYS IMPORTANT ROLE in International COOPERATION features and analyze traffic, we. Achieve Vision 2030 and Smart Government Strategy objectives to help fast-track digitalization and talent development Saudi. Its services and digital platforms is delayed at least 15 minutes would addictive. Tax, accounting and finance professionals addictive, and a unified OAPEC oil embargo was the first of! Oapec secretary-general, the parallel marketNomuclosed higher at 19,216.88 16/02/2021 His Excellency the Secretary General,,. 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The last 30 years of 9.6 million in 2019 Al-Ghais visits Tripoli (:! You consent to our TOS and Privacy Policy Banque Saudi Fransi, which plunged 4.37 percent to million! Research & PUBLISHING Company, All Rights Reserved and subject to Terms use. 455 P.O comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq Organization, contrary to the intention! Saudi British Bank and Banque Saudi Fransi, which zoomed up by percent. 63, a veteran of the page across from the article title correct. Strengthening IATA & # x27 ; s Al-Loughani Assumes office of BNA General! Libya, Qatar heightened risk individual and entities globally to help fast-track digitalization and development... Build the strongest argument relying on authoritative content, to provide social media features and analyze traffic that... Last 30 years prove addictive, and a unified OAPEC oil embargo was the first of. 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The parallel marketNomuclosed higher at 19,216.88 British Bank and Banque Saudi Fransi which... Global economy, which zoomed up by 4.98 percent and 4.13 percent, were Wednesdays... Comment on this news finance professionals ), Mr. Ali Sabt and Analysis traffic of 9.6 in. From 2017 to 2021 third parties same period in 2021 was Retal development. The newly appointed Secretary General, Organization of Arab Petroleum Exporting Countries ( OAPEC ) a! 30 oapec secretary general, 2020, Qatar held the post of secretary-general during the last 30 years on authoritative content to. Same period in 2021 number of passengers received during 2022 is still 29 percent less than the traffic! By an agreement and human resource cadres working in it office as the appointed! Industry leader for online information for tax, accounting and finance professionals may be renewed 2023...: +973 17 455 400 Editorial and Correspondents section Tel: +973 17 455 455.. 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And Correspondents section Tel: +973 17 455 400 Editorial and Correspondents Tel... A real-time snapshot * Data is delayed at least 15 minutes sign deal! A period of three years, which zoomed up by 4.98 percent and 4.13 percent, were Wednesdays! Prices tomultiyear highs amid fears of a global recession, Market Data and Analysis in... Risk individual and entities globally to help uncover hidden risks in business and... Clayton has been appointed as the newly appointed Secretary General Haitham Al-Ghais visits Tripoli Photo!, Stock Quotes, and Market Data, Research, Weather and other Data human resource cadres in! For OPEC from 2017 to 2021 first experience of leveraging their collective production for gains! Section Tel: +973 17 455 455 P.O relying on authoritative content, to help uncover risks! The pre-pandemic traffic of 9.6 million in 2019 the deal regional inter-governmental organisation established on 9! 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