Algeria's OPEC Governor Appointed New GECF Secretary-General

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
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Algeria's OPEC Governor Appointed New GECF Secretary-General

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic

Algeria's OPEC governor Mohamed Hamel has been appointed secretary general of the Gas Exporting Countries Forum (GECF), replacing Russia's Yury Sentyurin, Algerian national news agency APS said on Wednesday, quoting the energy ministry.

Hamel, who became Algeria's OPEC governor in 2015, will step down from his current role at the end of the year, according to a source with direct knowledge of the matter. A replacement is yet to be announced.

The GECF is a grouping of 11 gas producing countries, including Russia, the world's biggest gas exporter set up to increase coordination and strengthen collaboration among its members. The coalition says it represents 70% of proven gas reserves, 44% of its marketed production and 51% of liquefied natural gas exports across the globe.

Hamel previously served as vice president of strategy and planning at state-owned Algerian energy company Sonatrach, Reuters reported.

He was senior adviser to then OPEC secretary general Abdalla Salem El-Badri from 2010 to 2014 and head of energy studies at the organization from 2002-2009.

He also chaired the high level committee of the Algiers Accord which paved the way for the historic Declaration of Cooperation in December 2016, creating an alliance of OPEC and non-OPEC producers led by Russia, known as OPEC+.



Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
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Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)

The Saudi stock market index (TASI) closed the first trading session of the week with a 0.83% decline, ending a seven-session streak of gains that followed the interest rate cut.
Experts attributed the drop to four main reasons: geopolitical tensions, a significant resistance level, corrective technical indicators in the banking sector, and fluctuations in oil prices.
In financial market technical analysis, a resistance level refers to a price point where significant selling pressure is expected, preventing further upward movement. Corrective technical indicators help identify potential points of decline after strong upward or downward movements, allowing analysts to predict potential pullbacks or reversals in stock prices or the overall market.
Abdullah Al-Jabali, a member of the Saudi and International Union of Analysts, explained to Asharq Al-Awsat that the index reaching 12,300 points is one of the key resistance levels at the moment. He noted that the technical correction in the banking sector made it natural for the market to begin a corrective phase during Sunday’s session.
Al-Jabali further clarified that the Saudi market’s decline is due to a combination of technical indicators alongside the geopolitical developments in the Middle East, with the slight impact of the US interest rate cut on global markets also playing a role. He added that if the index continues to decline throughout the rest of the week, it is likely to touch the 11,900-point level, considered the most important support level based on recent trading activity.
For his part, Mohammed Al-Maimouni, financial consultant at Al Motadawel Al Arabi (Arab Trader), said the Saudi market's decline was mainly due to geopolitical tensions and oil price fluctuations, noting that the index had reached a profit-taking level at 12,300 points.
He added that despite this decrease, the market did not experience the maximum 10% drop, but pressure was observed primarily from the banking and basic materials sectors.
Al-Maimouni predicted that the upcoming month of October could be positive for the Saudi stock market, especially with Goldman Sachs betting on oil prices returning to the $77 level. He stressed that if geopolitical conditions stabilize, the market could witness a significant recovery.
Stock Performance
In terms of individual stocks, Saudi Aramco —the heaviest weight on the index—recorded its most significant decline since August, dropping by about 1% to SAR 27.25. Al Rajhi Bank also saw a decrease of 1.67%, closing at SAR 88.10.
On the other hand, ACWA Power, the second most influential stock on the index, continued its gains, rising by approximately 1% to SAR 490. The stock had reached an all-time high of SAR 500 during the previous week.