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The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year

09-01-2022

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali Ben Sabt expected a rise in global demand for oil this year, especially since the impact of the Corona virus mutants will be weak and short-lived, in addition to the fact that the world will become better equipped to manage the pandemic and the challenges associated with it. Bin Sabt said in a press statement on the occasion of the organization’s founding anniversary, which falls today, Sunday, that developments in the global petroleum market have cast a shadow on the levels of economic performance in member states during 2021, as the levels of output in the oil sectors rose significantly, which raised their oil revenues, which are among the most important sources. income and contribute to sustainable development to its pre-pandemic levels. He attributed this to the recovery in the performance of the global economy and the accompanying recovery in the levels of demand for oil. It is expected 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. He stated that the most important and most prominent success of the organization is its success in establishing a group of Arab petroleum companies, which have effectively contributed to the promotion of 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. Bin Sabt affirmed 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. He explained that the organization closely follows the various current developments in the global petroleum industry and monitors their potential repercussions on the economies of member states by preparing technical and economic studies and reports on the petroleum, gas and energy industries, at a rate of 10 studies annually. He pointed out that the organization is following the developments of the United Nations Framework Convention on Climate Change and the Kyoto Protocol in implementation of the directives of the (OAPEC) Council of Ministers to clarify the positions of member states on these issues and in continuous coordination with the Arab Negotiating Group, the League of Arab States and OPEC. (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. The United Arab Emirates, Qatar, Bahrain and Algeria joined the organization in 1970, while Syria and Iraq joined it in 1972, while Egypt joined in 1973 and Tunisia in 1982 and has frozen its membership since 1986.