New OPEC Secretary General Takes Office

New OPEC Secretary General Takes Office
Haitham Al Ghais of Kuwait has taken office as Secretary General of the Organization of the Petroleum Exporting Countries.

Haitham Al Ghais of Kuwait has taken office as Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) at the organization’s Secretariat in Vienna, Austria, OPEC revealed this week.

Al Ghais was appointed for a three-year term at the Special Meeting of the OPEC Conference held on January 3, 2022. He succeeds Mohammad Sanusi Barkindo, who passed away in his home country of Nigeria last month.

Described by OPEC as a respected oil technocrat and well-known OPEC figure, Al Ghais’ career in the global oil industry spans 30 years. He has advised six Kuwaiti oil ministers, is a veteran of the Kuwait Petroleum Corporation, and was a leading member of Kuwait’s delegation to the meetings of OPEC and the declaration of cooperation between OPEC member countries and non-OPEC oil-producing countries, OPEC highlighted.

“It is a great honor for me to be at the helm of an organization that has been instrumental in supporting a stable and sustainable supply of oil to the world for more than 61 years,” Al Ghais said in an OPEC statement.

“Throughout its history, OPEC has been at the forefront of promoting dialogue, cooperation and partnerships to achieve its mission,” he added in the statement.

“I look forward to working with all our Member Countries and our many partners around the world to ensure a sustainable and inclusive energy future which leaves no one behind,” Al Ghais continued.

In a statement posted on its website last month, OPEC noted that the “much-loved leader of the OPEC Secretariat and his passing is a profound loss to the entire OPEC Family, the oil industry and the international community”.

“OPEC extends its deepest condolences to his family, friends, colleagues, loved ones and his home country, Nigeria. It is a day in which words are not enough, but it is also important to express our deep gratitude for the over 40 years of selfless service that HE Barkindo gave to OPEC,” the statement read.

“His dedication and leadership will inspire OPEC for many years and decades to come,” OPEC’s statement added.

At the latest OPEC+ meeting, which was held on June 30, the group reconfirmed its decision to adjust its monthly overall production up by 648,000 barrels per day in August. The group’s next meeting is currently scheduled to take place on August 3.

In a report sent to Rigzone last month, BofA Global Research highlighted that OPEC+ was close to maximum capacity. BofA Global Research outlined in the report that this month’s OPEC+ meeting will be an important catalyst for the realization that spare capacity is running thin “while global balances continue to benefit from one-off reserve releases and world oil demand is far from firing on all post-Covid cylinders”.

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