Arab Energy Organization: A New Chapter in Energy Cooperation
RIYADH: In a historic move, members of the Organization of Arab Petroleum Exporting Countries (OAPEC) have unanimously agreed to rename the organization to the Arab Energy Organization (AEO), as reported by the Saudi Press Agency.
The decision came after Saudi Arabia put forth a proposal to rename and restructure the organization during the 113th ministerial meeting held in Kuwait this week.
This bold initiative by Saudi Arabia is aimed at revitalizing OAPEC’s charter and fostering stronger cooperation among its members as part of a comprehensive reconstruction plan, according to the SPA.
Once ratified by the 11 member Arab states of OAPEC in accordance with their national regulations, these transformative changes will come into effect, marking a new era for energy collaboration in the region, the SPA further revealed.
During the meeting, OAPEC’s Secretariat-General highlighted the challenges faced by the energy sector amidst regional and international instability in recent years, prompting a thorough review and enhancement of the organization’s activities.
Currently headquartered in Kuwait and under the leadership of Qatar, OAPEC was founded in Beirut in 1968 by Saudi Arabia, Kuwait, and the former Kingdom of Libya.
Members of OAPEC include the UAE, Bahrain, Iraq, Algeria, Syria, Tunisia, and Egypt, representing a diverse coalition of nations committed to advancing energy diplomacy and cooperation.