121st Meeting of the OPEC Conference

No 10/2002
Osaka, Japan
19 Sep 2002

The 121st Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Osaka, Japan, on 19 September 2002, under the Chairmanship of its President, HE Dr. Rilwanu Lukman, Nigerian Presidential Adviser on Petroleum & Energy and Head of its Delegation, and its Alternate President, HE Abdullah bin Hamad Al-Attiyah, Minister of Energy & Industry of Qatar and Head of its Delegation.

The Conference considered the Secretary General's report, the report of the Economic Commission Board, the report of the Ministerial Monitoring Sub-Committee (MMSC), chaired by HE Bijan Namdar Zangeneh, Minister of Petroleum of the Islamic Republic of Iran, and various administrative matters.

Having reviewed the current oil market, the Conference noted that only very moderate global economic growth rates are expected before year-end, with only normal, seasonal growth in demand being expected for the fourth quarter. As such, in order to maintain stability in the market, the Conference decided that agreed production levels would be maintained, in which connection all Member Countries emphasized their commitment to discipline in implementing agreements and underlined the importance of full compliance.

Having warmly welcomed high-level representatives from Mexico, the Sultanate of Oman, and the Russian Federation, the Conference again highlighted the importance of strengthening effective co-operation with all non-OPEC producing countries in the interests of achieving lasting stability in the oil market and prices.

The Conference reiterated that OPEC is committed to continuing to monitor the market and to taking any further measures, including the convening of Extraordinary Meetings, when deemed necessary, as has been done in the past, to maintain prices within the range of US$22-US$28/bbl.

With this in mind, the Conference agreed to meet again in Vienna, Austria, on 12 December 2002, in order to review the situation. The Conference also decided that its next Ordinary Meeting will convene in Vienna, Austria, on 11 March 2003.

The Conference elected HE Abdullah bin Hamad Al Attiyah, Minister of Energy & Industry of Qatar and Head of its Delegation, as President of the Conference, and HE Dr. Purnomo Yusgiantoro, Minister of Energy & Mines of Indonesia and Head of its Delegation, as Alternate President, for one year with effect from 1 January 2003.

The Conference appointed Mr. Saif Bin Ahmed Al-Ghafly, Governor for the United Arab Emirates, as Chairman of the Board of Governors for the year 2003, and Dr. Gloria Mirt Hernandez, Governor for Venezuela, as Alternate Chairman for the same period, with effect from 1 January 2003.

The Conference expressed its appreciation to the Government of Japan, Prefecture of Osaka and City of Osaka for their warm hospitality and the excellent arrangements made for the Meeting.

The Conference passed Resolutions that will be published on 19 October 2002, after ratification by Member Countries.