KUWAIT CITY, Dec. 22 : The Organization of Arab Petroleum Exporting Countries (OAPEC) on Sunday 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 that during the last 10 years the organization made many achievements and expansion in terms of studies and enhanced relationship regional and internationally.
On the international level, the organization cooperated with a number of organizations 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.
OAPEC has increased the number of technical and economic studies significantly, he added.
Regarding climate change, he said that 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 that fossil fuel will remain the focus of global attention, as it is expected to constitute about 75 percent of the global energy by 2035 according to the Organization of the Petroleum Exporting Countries (OPEC).
He affirmed that oil prices will remain stable after the recent decision of OPEC to reduce the production of 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.