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His Excellency the Undersecretary of the Ministry of Oil participates in the (171) meeting of the Executive Bureau of OAPEC

10-10-2024

His Excellency the Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, participated in the 171st meeting of the Executive Office of the Organization of Arab Petroleum Exporting Countries (OAPEC), which was held in the State of Kuwait this morning, Thursday, October 10, 2024, where all items on the agenda were approved. His Excellency the Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Fahad Al-Malik Al-Sabah, said in a press statement issued by the Ministry of Oil, that the meeting came at an important time to discuss several important topics, most notably the draft estimated budget for the organization for the year 2025, as well as developments related to studying the development of the organization's work and restructuring it to keep pace with global challenges in the energy sector. He pointed out that the restructuring of OAPEC and updating its systems represent an essential step to enhance the organization's ability to face future challenges, stressing Kuwait's support for these trends aimed at making the organization more flexible and responsive to global market changes. He praised the outcomes of the meeting, which will enhance the role of OAPEC and sustain its leadership in serving member states. He stressed the importance of continued cooperation between OAPEC member states to address the growing challenges in the energy sector, with the need to update the systems and laws governing the organization's work in line with current and future developments. He also praised the important role played by OAPEC in enhancing Arab cooperation in the energy sector, especially in light of global shifts towards sustainable energy sources, adding that the State of Kuwait strongly supports the organization's efforts to develop a comprehensive strategy to keep pace with these shifts, with a focus on the sustainability of the petroleum industry and raising energy efficiency to achieve the interests of member states.