155th (Extraordinary) Meeting of the OPEC Conference

No 13/2009
Luanda, Angola
22 Dec 2009

The 155th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Luanda, Angola, on 22 December 2009, under the Chairmanship of its President, HE Eng. José Maria Botelho de Vasconcelos, Minister of Petroleum of Angola and Head of its Delegation, and its Alternate President, HE Germánico Pinto, Minister of Mines and Petroleum of Ecuador and Head of its Delegation.

His Excellency António Paulo Kassoma, Prime Minister of the Republic of Angola, formally addressed the Conference.

The Conference welcomed the Minister of Oil and Gas Affairs of Bahrain; the First Undersecretary of the Ministry of Petroleum of the Arab Republic of Egypt; the Minister of Energy and Mineral Resources of Indonesia; and the Minister of Oil and Gas of the Sultanate of Oman; attending the Meeting as Observers.

The Conference considered the report of the Ministerial Monitoring Sub-Committee, whose Members the Conference again commended for their continued and appreciated efforts on behalf of the Organization, as well as other presentations and administrative matters. The Conference also exchanged views on, inter alia, recent multilateral developments on environment matters, in particular the 15th Session of the Conference of the Parties of the UNFCCC.

Having reviewed the oil market outlook, including the overall demand/supply projections for the year 2010, in particular the first and second quarters, the Conference observed with great concern that, whilst the worst of the recession appears to be over, the world economy remains confronted with the deepest, most wide-spread contraction since the 1940’s. For the first time since the early 1980’s, world oil demand has declined for the second, successive year.

Moreover, although asset market prices have rebounded and economic growth has resumed in some parts of the world, it is not yet clear how strong or durable the recovery might be. With the world still faced by shrinking industrial production, low private consumption and high unemployment, the Conference once again decided to maintain current oil production levels unchanged for the time being. In taking this decision, Member Countries repeated their commitment to the individually agreed production allocations, as well as their readiness to rapidly respond to any developments which might place oil market stability and their interests in jeopardy. The Secretariat is to continue closely monitoring the market, keeping Member Countries abreast of developments as they occur. The situation will be reviewed at the next Ordinary Meeting of the Conference.

In taking the above decision, Heads of Delegation reiterated OPEC’s statutory commitment to providing an economic and regular supply of petroleum to consuming nations whilst stabilizing the market and realizing the Organization's objective of maintaining crude oil prices at fair and equitable levels, for the future well-being of the market and the benefit of both producers and consumers.

In the interests of oil market stability, the Conference renewed its call on non-OPEC producers/exporters to cooperate with the Organization to support oil market stabilization, the restoration of market equilibrium being a burden which OPEC Member Countries are unable to bear alone.

The Conference confirmed that its next Ordinary Meeting will be held on Wednesday, 17 March 2010, in Vienna, Austria.

The Conference approved the Budget of the Organization for the year 2010.

The Conference expressed its sincere gratitude to His Excellency Dr. José Eduardo Dos Santos, the President of the Republic of Angola, as well as to the Government and the People of Angola for the warm hospitality extended to Conference participants and for the excellent arrangements made for the Meeting.

In addition, the Conference recorded its special thanks to HE Eng. José Maria Botelho de Vasconcelos, Minister of Petroleum, and his Staff for their warm hospitality and the excellent arrangements made for the Meeting.

Finally, the Conference passed Resolutions that will be published on 22 January 2010, after ratification by Member Countries.