New OPEC Secretary-General Al-Ghais from Kuwait

Haitam Al-Ghais New Secretary-General of OPEC
[Photo by AFP Yonhap News]

[Asia Economy Reporter Byunghee Park] The Wall Street Journal (WSJ) reported on the 3rd (local time) that Haitham Al-Ghais from Kuwait has been elected as the new Secretary General of the Organization of the Petroleum Exporting Countries (OPEC).

Al-Ghais will serve as OPEC Secretary General for three years starting this August, succeeding the current Secretary General, Mohammed Sanusi Barkindo from Nigeria. He is currently in charge of international marketing at the Kuwait Petroleum Corporation (KPC) and served as an expert panelist for OPEC until last summer.

In an interview with Saudi Arabia's TV channel Al Arabiya, Al-Ghais stated that global oil demand is expected to return to pre-COVID-19 pandemic levels by the end of this year.

He also said that supply will be increased in line with oil demand. The new Secretary General Al-Ghais said, "The role of OPEC Plus (OPEC+) is to maintain balance and continue supplying oil," adding, "OPEC+ will increase supply according to demand to ensure there is no shortage." He emphasized that OPEC+?the alliance of OPEC and major oil-producing countries including Russia?is important for stabilizing the oil market.

While the OPEC Secretary General does not influence OPEC's production decisions, they act as a mediator when conflicts arise among member countries. For this reason, the Secretary General is usually elected from countries other than Saudi Arabia and Iran, which have significant influence within OPEC.

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