OPEC to elect new secretary general in coming ministerial meeting

President of the Organization of Petroleum Exporting Countries (OPEC) Abdel Bari Ali Al-Arousi revealed that the international oil cartel will elect new secretary general in the coming ministerial meeting, slated for December 2013. In statements to KUNA Friday, OPEC President Abdel Bari Ali Al-Arousi said the ministers will first review the technical criteria of secretary general candidates and then elect new secretary for the oil cartel. Al-Arousi, also Libyan Minister of Oil and Gas, announced the Libyan oil industry is recovering at fast pace, noting that the Libyan oil outcome has exceeded the one million barrels a day level. "We seek to take our production up to 1.5 million barrels a day shortly," Al-Arousi said. Meanwhile, Algerian Energy and Mining Minister Youcef Yousfi said that Algerian oil production has jumped to more than 1.2 million barrels a day, thanks to new oil discoveries. Moreover, Libyan Minister Al-Arousi, Algerian Energy Minister Yousfi, the United Arab Emirates Oil Minister and Head of Kuwait Delegation to OPEC agreed that there is a balance between oil supplies and demands on global market in the recent weeks which have positively impacted on the oil prices. Oil Ministers also expected that OPEC will retain its production ceiling till the coming summit.