The oil maritime transport sector needs to be further developed through increased collaboration amongst nations and a unified legislative system, the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Tuesday.
In its monthly report, obtained exclusively by KUNA, OAPEC noted that further cooperation between Arab nations is needed to stave off challenges and develop the maritime transport sector, adding that the sector is viable, with promising dividends for Arab nations.
Moreover, OAPEC said that the maritime transport sector is instrumental to the growth of the oil industry, noting that the sector has been given precedence in the international economic stage.
According to recorded data, oil transporters made up more than half of the commercial fleet in Arab nations in 2015, with a capacity of 84,315 thousand tons coming mostly from OAPEC member nations.
Meanwhile, OAPEC noted that many of its member nations have formed special companies designated for oil and gas transport, in addition to ensuring well developed ports that are on par with international standards.
The report also cited the Arab Marine Petroleum Company based in Kuwait as amongst the pioneering regional companies in the oil transport sector, adding that the formation of such companies point to the significance of the sector.
In addition, OAPEC highlighted that plummeting oil prices are having a detrimental effect on the Arab oil maritime transport sector, as business has largely slowed as a result.
OAPEC also pinpointed lack of financial support as the chief obstacle facing the industry, in addition to a polarizing legislative system in the Arab world that if not remedied, would prove difficult for the oil maritime sector to flourish.