Empowering Your Career Journey

In 2024, the proved crude oil reserves of the member states of the Organisation of the Arab Petroleum Exporting Countries (OAPEC) reached 713.4 billion barrels.  This figure represents 53% of  the global total, which is estimated at 1,346 billion barrels.  This information was presented by the Secretary-General of OAPEC, Jamal Issa Al-Loughani, during his annual report.

The report estimates that crude oil production among OAPEC member states in 2024 will be approximately 21.6 million barrels per day, accounting for about 24% of the global production total, which is approximately 88.7 million barrels per day.

Furthermore, Al-Loughani indicated that the natural gas reserves of these member  states amount to approximately 55.7 trillion cubic meters, representing 26% of the global total, estimated at around 213.8 trillion cubic meters.  The marketed natural gas production in these states, excluding re-injected and flared quantities, is approximately 561 billion cubic meters, equivalent to 14% of the global total.

In terms of exports, natural gas shipments from  OAPEC member states reached approximately 185.9 billion cubic meters, which constitutes 16.3% of t he global total.  The report also confirms that the nominal production capacity is liquefied natural gas (LNG) reached 120.3 million tons annually by the end of 2024, representing 24.6% of global production capacity.

Al-Loughani further highlighted the refining sector, noting that the number of refineries in member states has reached 54, with a combined refining capacity of 10.47 million barrels per day.  This capacity constitutes 10.9% of the global refining capacity, which stands at 96.23 million barrels per day.

Regarding renewable energy, the installed wind energy capacity in the Arab countries is estimated at about 5.2 gigawatts, representing only 0.5% of the global total.  Additionally, installed solar energy capacities in the Arab world have surpassed 17 gigawatts, accounting for 1.1% of the global total, as stated by Secretary-General.

The report also examines the geopolitical influences impacting oil trade, which have prompted certain countries to adjust their export strategies.  It highlights a decline in demand from  China and a slowdown in industrial activity in Europe as significant factors.

Al-Loughani explained that  the deceleration in global oil demand growth reflects a broader decline in economic growth, particularly in China, the world’s largest oil importer.  This has been exacerbated by weak fuel demand and the rising sales of electric vehicles.

Furthermore, Al-Loughani noted that weak manufacturing date in Europe, along with above-average hurricane activity disrupting energy infrastructure in USA, have also contributed to these challenges.

Despite there obstacles, Al-Loughani asserts that the decisions made by the OPEC+ alliance to extend production cuts have played a crucial role in promoting balance and stability within the market.  He characterised these policies as proactive and flexible, effectively mitigating the effects of significant market fluctuations.

Those who monitor people die or worry and grief, or may develop FOMO.  This syndrome has become more prevalent with the emergence and proliferation of social media platforms, which allows us to monitor and track the events, daily lives and details of others.  This can lead to fear and anxiety about missing out.  This increases our ability to stay online and…most of the time.

FOMO

FOMO is an acronym for “Fear Of Missing Out”, which refers to the fear of missing out on something, an event or an opportunity.  The term originated in a 1996 research paper coined by marketing strategist Dan Herman, who observed that people panic about missing out on certain products, especially those on sale.  However, the FOMO phenomenon wasn’t widespread at the time, as people’s aspirations and needs were modest and unassuming.

However, with the emergence of Social-Media in the 2000s, FOMO became more prevalent and has been identified as one of the biggest causes of social anxiety in the current generation.  This is because the proliferation of Social-Media has given everyone the opportunity and ability to monitor and compare the lives of others, which can leave us feeling like we are not spending our time well and unable to make it enjoyable!  This in addition to the constant feeling of missing out socially and educationally and that we are not making the right decisions.

FOMO is a cause of divorce for many couples, due to observing the lives of other couples, especially influences, and believing that their marriages are perfect and happy, unlike ours!  This leaves us with regret and missing out on a false sense of marital happiness!

JOMO ISTEAD OF FOMO

A study showed that 56% of Social-Media users suffer from FOMO.  The associate negative feelings were distributed as follows:

• 39% feel envy.
• 30% feel jealous.
• 21% feel disappointment and sadness.

Because happiness can sometimes lie in letting go of things rather than in attaining them, experts suggest that as a solution to the FOMO problem, you should become a JOMO, short for the phrase “Joy Of Missing Out”.  This involves not worrying about the occasions or interactions you’ve missed on Social-Media and focusing on the reality you are experiencing.

5 Tips to overcome FOMO

The beginning of the solution to overcoming FOMO is by acknowledging the problem, in addition to:

1. Practicing Mindfulness. This involves focusing on the present moment and the current experience, living it with full awareness and enjoying every detail, rather than dwelling on events you have missed or will miss.
2. Stay away from mobile phone for specific periods of time and limiting your browsing of Social-Media.
3. Quality matters more than quantity. This means focusing on the quality of the experiences and events you experience throughout your day, not their quantity.  Don’t be sad about the occasions and events you’ve missed, because it is impossible for you to attend them all.
4. Increase your sense of gratitude and contentment for all the blessings God has bestowed upon you. Thank him and be content with your life, instead of focusing on the lives of others on Social-Media and lamenting the experiences and adventures you’ve missed.
5. Always remember that you are more powerful than advertising offers. Don’t buy a product just because it has a tempting discount.

The international insurance rating agency “A.M. Best” has confirmed that the financial reforms undertaken by Algeria, coupled with recent economic developments, present a promising outlook for the national insurance market. These reforms are deemed "favourable for its transformation, particularly in light of changes in the regulatory landscape.

In its report titled "The Algerian Insurance Market: A Bearer of Growth and Expansion," “A.M. Best” highlights that demographic, economic, and regulatory advancements in Algeria serve as positive indicators for the insurance sector. The report asserts that Algeria's insurance market exhibits significant potential for growth, expansion, foreign investment attraction, and profitability.

The report emphasises that the financial reforms initiated will further enhance the long-term prospects for the expansion of this sector. It specifically notes the development of the insurance regulatory framework in the context of the new insurance law, which is currently being finalised. This new initiative primarily aims to stimulate market growth by introducing new business lines and developing underrepresented sectors, such as health insurance and property damage insurance.

“A.M. Best” also believes that the economic, financial, and demographic developments in Algeria provide the insurance sector with a competitive advantage compared to other countries in the Middle East and North Africa (MENA) region. These developments present both "opportunities and challenges."

Additionally, the agency highlights that Algeria's youthful population and the expansion of the middle class are key factors that will "boost demand for life insurance products.  This positions Algeria as one of the few countries in the MENA region showing significant interest in life insurance contracts.

Regionally, Algeria is noted to be among the five largest economies in Africa and the second largest economy in North Africa. The report highlights Algeria's more resilient economic recovery compared to its North African counterparts. The size of the Algerian economy and the high disposable income of its population are considered favourable factors for the growth of the insurance market, with an emphasis on the potential improvement in turnover recorded by insurance companies.

The report also mentions that the Algerian insurance market is recovering from the contraction in premiums experienced during the COVID-19 pandemic. Increasing insurance penetration and the sector's contribution to GDP are cited as challenges facing the industry in Algeria. According to the Algerian Federation of Insurance and Reinsurance Companies, the insurance sector reported a turnover of 131.7 billion dinars between January and September 2024.

“A.M. Best” headquartered in New Jersey, USA, is a specialized insurance agency that evaluates the financial solvency of insurance and reinsurance companies in over 100 countries, including Algeria.