OAPEC ministers approve ’19 budget in Kuwait meeting

UAE Minister of Energy Suhail Al-Mazroui Speaks to the meeting.

The Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) began Sunday its 101st meeting, approving the organization’s budget for 2019. The meeting was presided over by UAE Minister of Energy Suhail Al­Mazroui. The current presidency of the organization is held by the UAE.

Speaking to the meeting, Al­Marzoui thanked Kuwait for hosting the current event aimed at further bolstering cooperation amongst OAPEC members. The meeting also approved minute of the 100th meeting held in Kuwait on April 30, 2018 on the level of representatives.

OAPEC also reviewed during the meeting a report by the Secretariat of the organization concerning global oil status quo. Ministers agreed to extend Iraq’s supervision over the Arab Petroleum Training Institute (APTI) and also approved Bahrain’s hosting of the upcoming council meeting on December 22.

The council’s meeting reviewed OAPEC eight technical and economic studies on oil, energy, the environment, and climate change, all conducted in 2018. The ministers were briefed on the 2017 and early 2018 activities of OAPEC­affiliated Arab companies and the October meeting for the companies, which was held in Marrakech, Morocco. Established in 1968, OAPEC is a Kuwait­based regional inter­governmental organization. The three main founders are Kuwait, Saudi Arabia and Libya.