Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
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Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)

Kuwait's candidate to lead the Organization of the Petroleum Exporting Countries (OPEC) has widespread support from the group, with current secretary general Mohammad Barkindo not expected to seek re-election, two sources told Reuters.

Haitham al-Ghais, a former Kuwaiti governor to OPEC, is the only candidate for the role of secretary general, the two sources added.

OPEC is expected to elect a new secretary general at its meeting on Jan. 4, a third source said.

Nigerian Barkindo, whose is due to step down at the end of next July, took OPEC's top job in mid-2016 and was granted a second three-year term in 2019.

Barkindo has steered OPEC through a period of extreme turbulence, in which prices have crashed several times, including to below zero in 2020 because of the coronavirus pandemic.

He also helped to clinch a deal with non-OPEC producers such as Russia to reduce global oil output to balance the market since 2016.

The new secretary general will have to balance OPEC revenue needs against pressures from the United States to pump more oil to help to meet demand as it recovers from the COVID-19 pandemic.

Al-Ghais stepped down as Kuwait's OPEC governor in June this year and was appointed deputy managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).



Saudi Arabia, Palestine Agree to Establish Business Council 

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
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Saudi Arabia, Palestine Agree to Establish Business Council 

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem agreed in Riyadh on Tuesday to the establishment of the first Saudi-Palestinian Business Council.

The initiative aims to increase trade and investment between the two countries.

The private sector in the Kingdom aligns with the directives of the wise leadership in supporting the Palestinian people, remarked Alhwaizy.

He emphasized the importance of empowering Palestinian business owners to invest in the Kingdom and promote Palestinian products and industries in Saudi markets.

He underscored the Federation's support for organizing exhibitions and conferences to promote Palestinian products with the participation of the Saudi Chambers of Commerce.