The Organization of Arab Petroleum Exporting Countries (OAPEC) started here today the works of the 83rd Session, which is attended by 11 Arab Petroleum Ministers. The delegation of the Kingdom of Saudi Arabia to the meeting is led by Eng. Ali Ibrahim Al Naimi, the Minster of Petroleum and Mineral Resources. In an opening address, Egyptian Minister of Petroleum Eng. Samih Fahmi, who is also the Chairman of the current session, reiterated that the world financial crises started 18 months ago creating a negative impact on the varied economic sectors around the world including the oil sector where market fluctuated and plunged from 140 US dollar for a barrel to less than 40 US dollar and now is back to 70 to 80 dollars a a barrel. He said the decline in oil prices has not kept pace with the drop in the cost of the oil industry, adding that even gas prices fell significantly, although there has been no reduction in the cost of production. He pointed out that companies have reduced their investments by 20 percent in 2009 compared to 2008, particularly in the area of research affected by the economic crisis. He called on to establish new companies in the oil industry emerge from the OAPEC as the existing businesses with a view to deepening the scope of services and manufacturing equipment of the petroleum industry, including working to complete the system of Arab industrialization in many stages of this strategic industry --SPA
