KUWAIT, Jan. 9, 2022 (Xinhua) The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on Sunday expected a rise in global oil demand during the current year, due to the weak impact of the Corona virus mutant, its short term and the world’s readiness to better manage the health crisis and challenges Associated.
Bin Sabt said in a statement on the occasion of the organization’s founding anniversary, which falls today, that developments in the global oil market have cast a shadow on the levels of economic performance in the member states during 2021, as the levels of output in the oil sectors increased significantly, which raised their oil revenues, which are considered among the most important. The most important sources of income and contribute to sustainable development to its pre-pandemic levels.
The Secretary-General of OAPEC attributed this to the recovery in the growth of the performance of the global economy and the accompanying recovery in the levels of demand for oil, expecting that the global economy will continue its recovery and its positive impact on the oil market this year despite the current wave of inflation, supply chain bottlenecks and ongoing trade issues and their impact on industry and transportation fuel requirements .
He explained that the establishment of the organization came to achieve the aspirations of the member states in increasing cooperation and exchanging experiences among them in the petroleum industry sector with the aim of achieving common economic interests and benefits and in a way that contributes to the economic and social development efforts of the member states of the organization.
Bin Sabt stated that the organization’s “most important and most prominent” success is its success in establishing a group of Arab petroleum companies that have effectively contributed to promoting the petroleum industry through what it has implemented of joint or single petroleum projects, as well as in financing petroleum projects in many Arab member and non-member countries. Members.
He stressed the organization’s keenness to develop its international relations with various regional and international organizations specialized in energy and economy in an effort to clarify the position of its member states regarding current developments and future prospects in the energy industry in general and the petroleum industry in particular.
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 of an international character, and Kuwait was chosen to be the main headquarters of the organization.
Algeria, the UAE, Qatar and Bahrain joined the organization in 1970, while Syria and Iraq joined it in 1972, Egypt joined in 1973 and Tunisia in 1982 and froze its membership since 1986.
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