OPEC Secretary General Elected in Al-Arabiya: Oil Demand Expected to Resume by End of 2022

The general secretary-elect of the Organization of Petroleum Exporting Countries “OPEC” Haitham Al-Ghais considered it important to work on the continuity of the joint declaration of cooperation, called OPEC + agreement for the organization and its allies, with the aim of maintaining the stability and equilibrium of the oil markets, revealing that this priority will be the first, the highest and the most important strategic priority in the long term.

Al-Ghais said in an exclusive interview with “Al-Arabiya”, is the first After being elected head of the organization to succeed Muhammad Barkindo today, MondayThe oil market is going through a phase of short, medium and long-term challenges and the organization will continue to address it, expecting global oil demand to return to pre-Corona levels by the end of 2022. oil, he expected it to “remain limited”.

He referred to the organization by Egypt of the Climate Summit (COP 27) and then by the United Arab Emirates (COP 28), considering that these two hosts are important for OPEC countries in order to consolidate cooperation on climate issues.

He stressed that his top priority is to maintain the organization’s agreement with Russia and other producers, because this is in the broader interest of the oil industry.

The OPEC + alliance between OPEC and other oil producers, called the Declaration of Cooperation, has helped sustain the global oil market since its inception in 2017.

In response to a question about whether he supports keeping the deal until 2023, Al-Ghais said this is one of his top priorities. He added that it is in the broadest interest of industry and all OPEC + countries, according to “Reuters”.

Major Kuwaiti oil producing countries have chosen Haitham Al-Ghais as secretary general of the Organization of the Petroleum Exporting Countries (OPEC), according to the announcement in a statement Monday on the eve of the organisation’s monthly meeting.

Al-Ghais, who served as governor of Kuwait at OPEC from 2017 to June 2021, is the deputy general manager of Kuwait Petroleum Corporation.

An OPEC statement states that “it was unanimously agreed to appoint Haitham Al-Ghais from Kuwait as the Organization’s Secretary General, with a decision that will enter in effective as of August 1, 2022, and for a period of three years. “

Al-Ghais will replace Nigerian Mohamed Barkindo, who has held the position since 2016. Under Barkindo, the organization significantly reduced oil production in 2020, while Covid-19 dealt a severe blow to global markets, according to “AFP” .

Prices have recovered since last year.

The Vienna-based OPEC has 13 members, led by Saudi Arabia. These countries are working with their ten allies, including Russia, to modify production to control prices.

Read More About: Business News