OPEC’s output cut deal has positive impact on market: Kuwaiti minister
OAPEC re-elects Kuwait’s Naqi as chief
The recent deal reached between the Organization of Petroleum Exporting Countries (OPEC) member states and non-OPEC states to cut oil production has positively impacted the market, Kuwait’s Minister of Oil, Electricity, and Water Essam Al-Marzouq affirmed.
Marzouq made his remarks Thursday after the conclusion of the 97th annual meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo. A regulatory commission, headed by Kuwait, consisting of three OPEC countries and two non-OPEC states is to convene next January in presence of the OPEC Secretary-General to agree on a mechanism for implementing the agreed-upon deal, he said.
The recent announcements by Saudi Arabia, UAE, Qatar, Kuwait, and Iraq about commitment towards OPEC agreement are very “encouraging,” Marzouq noted. On OAPEC’s meeting, he pointed out a unanimous approval of the items on agenda related to the budget and a number of agreements.
The conferees also unanimously agreed with OAPEC members to renew the tenure of the organization’s Secretary-General Abas Al-Naqi of Kuwait for another three years, Marzouq noted, adding that OAPEC’s recent efforts of studies and coordination among members have been “distinctive.”
2017 budget
The OAPEC ministerial meeting approved the organization’s estimated budget for 2017. The council was briefed on results of arbitration of the OAPEC Award for Scientific Research for 2016 on “Re-Refining of Used Lubricating Oils and its Economic Environmental Implications.”
No one won the first award worth KD 7,000, while the second one estimated at KD 5,000 was divided between Iraqi Saadallah Fathi and Algerian Jamal Harbi. The council also was informed about reports of the organization’s secretariat on “the global oil positions” and the recent developments regarding the United Nations Framework Convention on Climate Change (UNFCCC). It was also apprised off some reports on several fields, activities and studies of the secretariat.
Earlier Thursday, the Kuwaiti minister stressed the importance of increasing cooperation and coordination among Arab countries in order to face challenges threatening the oil industry. He said such challenges have negative impacts on the oil industry and market. The next OAPEC ministerial meeting would be hosted by the State of Kuwait on December 10, 2017. —KUNA