126th (Extraordinary) Meeting of the OPEC Conference

No 11/2003
Vienna, Austria
31 Jul 2003

The 126th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on July 31, 2003, under the Chairmanship of its President, HE Abdullah bin Hamad Al Attiyah, Minister of Energy and Industry of Qatar and Head of its Delegation

The Conference welcomed the Minister of Petroleum of Egypt and the Minister of Petroleum & Mineral Resources of the Syrian Arab Republic, as well as high-level representatives from Angola, the Sultanate of Oman, and the Russian Federation, whose presence at the Meeting is seen as renewed confirmation of these countries’ solidarity with and support for the objectives of the Organization.

The Conference considered the report of the Ministerial Monitoring Sub-Committee, and once again recorded its appreciation of the Sub-Committee’s efforts on behalf of the Organization.

Having reviewed the current oil market situation, as well as supply/demand prospects for the remainder of the year, the Conference noted that the market is stable and well supplied, and that prices have remained within agreed levels.

Prospects for the fourth quarter of 2003 and for 2004, however, indicate that estimated demand growth is less than the expected increase in supplies.

The Conference, therefore, decided to maintain currently agreed production levels until its next Meeting, emphasizing at the same time the need for continued vigilance, careful monitoring and analysis of the market for the balance of 2003 and 2004.

The Conference renewed its standing call on other oil producers/exporters to cooperate with OPEC Member Countries in their endeavours to maintain market stability in the interests of all concerned.

The Conference reaffirmed the date of September 24, 2003 for its next Ordinary Meeting.

The Conference also expressed its appreciation to the Government of the Republic of Austria and to the authorities of the City of Vienna for their warm hospitality and the excellent arrangements made for the Meeting.