Remarks by OPEC Secretary General at the Opening Session of the Third OPEC Summit

Delivered by HE Abdalla Salem El-Badri, OPEC Secretary General, at the Opening Session of the Third OPEC Summit, Riyadh, Saudi Arabia, 17 November 2007

  • Our Chief host, the Custodian of the Two Holy Mosques, Abdullah bin Abdul Aziz Al-Saud, King of the Kingdom of Saudi Arabia, Excellencies Heads of State of OPEC Member Countries, Excellencies Ministers and Ambassadors, distinguished delegates, esteemed guests, members of the press, ladies and gentlemen.
  • I am honored to stand before Your Excellencies this evening to make a few remarks on this very important occasion of the 3rd Summit of OPEC Heads of State & Government. This historic event is made even more special by being held in the beautiful city of Riyadh.
  • Permit me, Excellencies, to begin by observing, with all modesty, that OPEC has been a success story. Since its founding 47 years ago, it has not wavered in the pursuit of its aims and objectives, namely the protection of the interests of its Member Countries through the stabilization of the international oil market and the provision of adequate and reliable oil supplies to the world. These, we have continued to do, in a very professional manner, by studying the oil market day-by-day, month-by-month and year-by-year, and forecasting for the medium and long terms.
  • Excellencies, just as we rejoice in the successes we have recorded as an organization in the last 47 years, we also admit that there have been challenging times in the past and are likely to be again in the future. We are confident that, as we successfully overcame the challenges of the past, so will we successfully turn future challenges into opportunities.
  • Two such challenges immediately come to mind: One is that of providing adequate and reliable petroleum to the world’s growing population in order to support healthy world economic growth and social progress. Fortunately, petroleum resources in Member Countries are sufficient and are being developed, under Your Excellencies’ able leadership and guidance, with the aim of meeting the incremental demand that is projected in the medium to long term.
  • While we play our part in meeting the energy challenge, we believe that other stake-holders should also play their part. Producers’ commitment to providing petroleum for the future can be enhanced when they have a clearer picture of the level of such future demand. Hence the need for transparency and predictability in consuming countries’ energy policies.
  • The other challenge, Excellencies, is that of the environment. As a group of oil-producing countries, we are committed to contributing to the protection of the environment by providing cleaner energy and developing cleaner technologies.
  • In this respect, Excellencies, OPEC has been discussing with other stake-holders in the energy sector, further development of technologies that address the climate change concern, such the technology of Carbon Capture and Storage.
  • Permit me to conclude my remarks, Excellencies, by thanking, first and foremost, the Kingdom of Saudi Arabia for organizing and hosting this Third Summit. Let me also acknowledge, with deep gratitude, the support that the Organization and the Secretariat have been receiving from your persons, your Governments and your Countries. The strength of OPEC is a function of the support it receives from its Member Countries. Without that support we would not have been able to weather the difficult times. On behalf of all the staff of the OPEC Secretariat, let me once again thank Your Excellencies and the good people of our countries for everything.

I thank you all.