The Organization of Arab Petroleum Exporting Countries (OAPEC) has issued its 45th annual report for 2018, focusing on overall Arab and global oil, gas and energy developments. The annual publication revolves around the current and future outlook of oil industry in OAPEC member states amid the current developments of world economy, energy and oil, the Arab oil body said in a release Tuesday.

The global oil market saw remarkable fluctuations in 2018, involving a marked improvement in the first quarter, in the light of an Organization of Petroleum Exporting Countries (OPEC) resolution to extend its output till 2018, along with a world economic recovery, OAPEC Secretary-General Abbas Al-Naqi was quoted by the report as saying.

This rebounding, which took place early 2017, continued in the second quarter of 2018, which saw a revised output cut deal between OPEC and non-OPEC member in the aftermath of growing worries about a shortage of global oil supplies, he said. In the third quarter of 2018, oil markets were relatively affected by increasing geopolitical tensions and concerns over US-Chinese trade, Al-Naqi added.

The last quarter of 2018 witnessed more expectations about a slim in global oil demand and renewed fears about a looming hike in international oil supplies, he pointed out. The Kuwait-based organization’s report consists of two key parts: the first part handles international developments in the oil and energy domain, while the second part revolves around the conferences, symposia and meetings organized or attended by the Arab oil body in 2018.


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