Middle East

OPEC elects Kuwait Oil Executive as Top Diplomat

The Organization of Petroleum Exporting Countries has selected Haitham al Ghais to become the group’s top diplomat to navigate the subtle recovery from the Covid-19 pandemic.

Argai of Kuwait will take over the steering of the organization in 2016, replacing Mohammed Balkind of Nigeria, who led the organization for two terms. (AFP)

The heads of oil-producing countries have elected Kuwait’s High Sam Argais as the next Secretary-General of the Organization of Petroleum Exporting Countries (OPEC).

OPEC said in a statement on Monday that Al Geis was appointed by cheers and will take up his three-year job on August 1.

He will take over the steering of the organization in 2016 and will replace Mohammed Balkind of Nigeria, who led the organization for two terms.

It was during Balkind’s tenure that the Group significantly reduced oil production in 2020 as the coronavirus pandemic hit the global market.

Al Geis, OPEC Governor of Kuwait from 2017 to June 2021, is Deputy Managing Director of Kuwait Petroleum Corporation (KPC).

His decades of experience in the industry include the experience of state-owned oil companies in Beijing and London.

read more: Countries bow from US top energy summit over fear of Omicron

Price bounces

Last year, 10 allies, including OPEC and Russia, gradually began to reopen tabs and prices bounced.

The Vienna-based organization, which consists of 13 members led by Saudi Arabia, is a group called OPEC +, which is modifying its output to manage prices with 10 other countries.

So far, OPEC + has been more aggressive in increasing production, resisting pressure from top oil consuming countries such as the United States.

The OPEC + meeting, which is held monthly by all 23 members via a video conference on Tuesday, is expected to continue the course and moderately increase output.

OPEC General Secretary has no executive power, but is a public figure of an organization representing countries with different interests, such as Saudi Arabia and Iran.

In that statement, in the face of a pandemic, the group is committed to expanding OPEC’s historic efforts to support sustainable oil market stability through enhanced dialogue and collaboration with many energy stakeholders. I did, “he praised Balkind.

read more: OPEC and the U.S. warn as rising fuel prices hit Europe and South Asia

Source: AFP

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