KUWAIT, Dec 23 (NNN-XINHUA) – The Organisation of Arab Petroleum Exporting Countries (OAPEC), held the 103rd meeting in Kuwait, to discuss 2020 draft budget, along with topics related to the current petroleum situation.
During his speech, OAPEC Secretary General, Abbas Al-Naqi, said, during the last 10 years the organisation made many achievements and expansion, in terms of studies and enhanced relationship regional and internationally.
On the international level, the organisation cooperated with a number of organisations and institutions, involved in activities related to energy and climate change, he said.
While on the regional level, it has cooperated with the Arab League and the Gulf Cooperation Council by signing a memorandum of understanding in the field of petroleum media.
Regarding climate change, he said, OAPEC participated in several meetings, to highlight the position of Arab countries on that issue, and also hosted events to shed light on technologies related to clean energy.
Kuwaiti Minister of Oil, Electricity and Water, Khaled Al-Fadhel, said, fossil fuel will remain the focus of global attention, as it is expected to constitute about 75 percent of global energy by 2035, according to OPEC (Organisation of the Petroleum Exporting Countries).
He affirmed, oil prices will remain stable, after recent decision by OPEC to reduce production by 500,000 barrels of oil per day, during the first quarter of 2020.
In the first quarter of each year, oil prices usually witness a decrease, but studies and expectations indicate the possibility of stable prices in the first and second quarters of next year, he added.– NNN-XINHUA