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Monday , January 18 2021

Future of oil prices unpredictable: OAPEC chief

KUWAIT CITY, April 9, (KUNA): It is hard to predict international oil prices over the coming period, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Abbas Ali Al-Naqi said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) plays a major role in determining oil prices and levels of production, added to contributing to addition to concluding pacts over the past period which had a significant effect on market stability, Al-Naqi told the 24th Forum on Fundamentals of Oil and Gas Industry, Kuwait April 9-13.

OAPEC’s role focuses on preparing reports and specialized studies on the economic and technical aspects of the oil and gas industry, the secretary general told the opening session of the forum. The organizations produces up to 10 studies annually. The Secretariat organizes the forum every year so that participants can enhance their perception of the fundamentals of the oil and gas industry, as well as keeping pace with the relevant direct and indirect developments worldwide, he said.

The forum aims to provide a favorable atmosphere for consolidating the professional and the personal ties among the participants. The agenda of the five-day event comprises 12 lectures, to be given by specialists, both from the Secretariat and non-OAPEC, focusing on four pivots of the industry, technical, economic, media and environmental sides of the industry. The forum is a tool through which the OAPEC seeks to realize its major targets, namely boosting cooperation and exchange of expertise and knowledge among the member states on the various technical and economic aspects of the oil and gas industry

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