OPEC’s out­put cut deal has pos­i­tive im­pact on mar­ket: Kuwaiti min­is­ter

OAPEC re-elects Kuwait’s Naqi as chief

Kuwait Times - - LOCAL -

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

Oil Min­is­ter Es­sam Al-Mar­zouq

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