The Organization of Arab Petroleum Exporters (OAPEC) held its 85th ministerial meeting in Cairo on the 25th. The meeting formulated the organization's 2011 budget and tried to promote the realization of Arab economic integration. However, it did not discuss the issue of international oil prices.
Abbas Najib, Secretary-General of the Organization of Arab Petroleum Exporting Countries, said after the meeting that the issue of oil prices and production is not part of the discussions of the Arab Petroleum Exporting Countries Organization's meeting. International oil prices are determined by market supply and demand. He also stressed that the prospects for the Arab countries to move forward from bilateral cooperation to integration are optimistic. The Arab Petroleum Exporting Countries will strengthen its functions and work hard to promote Arab economic integration.
Egypt’s oil minister Fakhmi said that the meeting supports member states’ cooperation in the fields of oil, natural gas and petrochemicals, and that member states will establish common oil projects to lay the foundation for the realization of Arab economic integration.
The meeting decided that the term of the Na’an, the Secretary-General of the Organization of Arab Petroleum Exporters, was extended by three years. The 2011 ministerial meeting was held by Bahrain as the rotating country and it was determined that the next meeting would be held in Cairo on December 24, 2011.
The Arab Petroleum Exporting Countries was established in 1968. The member countries include Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and UAE. Among them, seven countries including Iraq, Kuwait, and Saudi Arabia are also OPEC's. member.
Abbas Najib, Secretary-General of the Organization of Arab Petroleum Exporting Countries, said after the meeting that the issue of oil prices and production is not part of the discussions of the Arab Petroleum Exporting Countries Organization's meeting. International oil prices are determined by market supply and demand. He also stressed that the prospects for the Arab countries to move forward from bilateral cooperation to integration are optimistic. The Arab Petroleum Exporting Countries will strengthen its functions and work hard to promote Arab economic integration.
Egypt’s oil minister Fakhmi said that the meeting supports member states’ cooperation in the fields of oil, natural gas and petrochemicals, and that member states will establish common oil projects to lay the foundation for the realization of Arab economic integration.
The meeting decided that the term of the Na’an, the Secretary-General of the Organization of Arab Petroleum Exporters, was extended by three years. The 2011 ministerial meeting was held by Bahrain as the rotating country and it was determined that the next meeting would be held in Cairo on December 24, 2011.
The Arab Petroleum Exporting Countries was established in 1968. The member countries include Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and UAE. Among them, seven countries including Iraq, Kuwait, and Saudi Arabia are also OPEC's. member.
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