146th OAPEC Executive Bureau meeting kicks off in Cairo today

The Organization of Arab Petroleum Exporting Countries’ (OAPEC) Executive Bureau will hold Thursday its 146th meeting in Cairo for two days.

Sheikh Talal Nasser Al Athbi Al Sabah, Kuwait’s Representative at the Executive Bureau and Acting Undersecretary at Kuwait’s Oil Ministry, will chair the meeting.

Kuwait heads OAPEC’s current round 2016.

OAPEC Executive Bureau has held its 145th meeting in Kuwait during October 16-17, in which officials discussed several topics including the organisation’s budget scheme for 2017.

OAPEC was founded on the basis of the agreement signed in Beirut, Lebanon on 9 January 1968 between the governments of Kingdom of Saudi Arabia, the State of Kuwait and the (then) Kingdom of Libya.

The principal objective of the Organisation is the cooperation of the members in various forms of economic activity in the petroleum industry, the determination of ways and means of safeguarding the legitimate interests of its member countries in this industry, individually and collectively, the unification of efforts to ensure the flow of petroleum to its markets on equitable and reasonable terms, and providing appropriate environment for investment  in the petroleum industry in  member countries.

The OAPEC includes 11 members; Egypt, UAE, Bahrain, Saudi Arabia, Algeria, Syria, Iraq, Qatar, Kuwait, Libya, and Tunisia.