"He died at about 11pm yesterday 5th July 2022. Average selling prices also declined during the third and fourth quarters of the year. (Reuters/File Photo) [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. 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. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . 01 Mar 2023 12:48:50 He affirmed his willingness to do everything in his power . Reach thousands of our site visitors daily. 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. We want to hear from you. 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. 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. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. 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. 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. The total investment cost is funded by a combination of long-term debt and equity. 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. The most common side effects of pholcodine are dizziness, nausea and sedation. The head of . 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 . . The Economics Department and the Technical Affairs Department form the Arab Center for . The Media and Entertainment Index was also in the spotlight as it leaped 4 percent to 22,870.58, following healthy buying in the shares of Saudi Research and Media Group, which closed 4.19 percent higher to SR194. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali Sabt Bin Sabt, announced that Kuwait will host the 108th meeting of the Organization of Ministers' Council at the delegates' level, which will be held today, Wednesday, with the participation of members of the organization's executive office . Got a confidential news tip? Libyas stability will have a role in OPEC 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 . While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. 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 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. Working to raise production Box: 253 Manama / Kigdom of Bahrain. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . Links. Political or religious commentary will not be tolerated. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. ! 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. Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. EN. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. OAPEC is regarded[by whom?] . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Can Turkiye build back its cities better after the latest deadly earthquakes? This post has been read 9294 times! Barkindo, 63, a veteran of the oil . March 1, 2023. 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. We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. 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. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. By continuing to use this website you are giving consent to cookies being used. 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 embargo's after-effects would linger through the rest of the decade and beyond. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. 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. 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. Barkindo, 63, a veteran of the oil . 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. 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 Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . 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. 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. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Abusive comments of any kind will be removed. "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.. Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. 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 . Ghais is a familiar face to ministers and is well-liked among delegations. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. 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 . Organization of Arab Petroleum Exporting Countries, Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil holds gains on China rebound, even as U.S. crude stocks rise, Reporting by Moataz Mohamed; Editing by William Maclean, Brazil's Petrobras seeks to trim massive payouts as profit beats forecasts, Exclusive: Urals oil supplies to Turkey jump in Feb as STAR refinery resumes Russian crude imports, Greta Thunberg detained by Norway police during pro-Sami protest, Swiss bankers face trial accused of helping Putin's friend transfer cash, Saudi, UK ministers agree to study combat air cooperation -Saudi agency, Brazil's Petrobras posts Q4 profit up 38%, US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', European banks, asset managers study halving stocks settlement time, Exclusive news, data and analytics for financial market professionals. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. 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. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. 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. Consequently, OAPEC became a much more activist organization, contrary to the original intention. 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 led the . 52. . A Division of NBCUniversal. 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. 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. Common side effects of pholcodine are dizziness, nausea and sedation this year 09-01-2022. in global demand for this... 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