Dr Mohammed Bin Saleh Al Sada Replace Kachikwu As OPEC President

Dr Mohammed Bin Saleh Al Sada Replace Kachikwu As OPEC President whose tenure will officially start in 1st of January 2016 the organiation said in a press post. He is the Minister of Energy and Industry of Qatar.

"The Conference elected HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry of Qatar, as President of the Conference for one year, with effect from 1st January 2016, and HE Ali I. Naimi, Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia, as Alternate President, for the same period.

"In examining the current status of the oil market, the Conference respected the input and ideas of all Member Countries to find ways and means to deal with the challenges they are facing in the global oil market today. The Conference observed that, since its last meeting in June, oil and product stock levels in the OECD have continued to rise. The latest numbers see OECD and non-OECD inventories standing well above the five-year average.

"Having reviewed the oil market outlook for 2015, and the projections for 2016, the Conference observed that global economic growth is currently at 3.1% in 2015 and is forecast to expand by 3.4% next year. In terms of supply and demand, it was noted that non-OPEC supply is expected to contract in 2016, while global demand is anticipated to expand again by 1.3 mb/d.

"In view of the fact that the Organization’s Statute requires the change of the Secretary General after two terms and, given the fact that HE Abdalla Salem El-Badri has served the full terms, the Conference has, therefore, agreed that he continues as Acting Secretary General until the end of July 2016, when a new Secretary General will be elected by Member Countries."

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