OPEC 168th Meeting concludes

No 8/2015
Vienna, Austria
04 Dec 2015

The 168th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Friday, 4th December 2015 under the Chairmanship of its President, HE Dr. Emmanuel Ibe Kachikwu, whom the Conference congratulated on his appointment as Nigeria's Minister of State for Petroleum Resources by HE President Muhammadu Buhari.

The Conference also congratulated HE Eng. Eulogio Del Pino on his appointment as the People’s Minister of Petroleum and Mining of Venezuela, HE Eng. Carlos Pareja Yannuzzelli on his appointment as Ecuador’s Minister of Hydrocarbons, and HE Anas Khaled Al-Saleh on his appointment as Acting Minister of Oil of the State of Kuwait. The Conference thanked their predecessors in office, HE Eng. Pedro Merizalde-Pavón of Ecuador, HE Dr. Ali Saleh Al-Omar of Kuwait, HE Diezani Alison-Madueke of Nigeria, and HE Asdrúbal Chávez of Venezuela, for their contribution to the work of the Organization.

In approving Indonesia’s resumption of its full Membership in the Organization, the Conference extended a warm welcome to its Delegation, headed by HE Sudirman Said, Minister of Energy and Mineral Resources of Indonesia.

The Conference elected HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry of Qatar, as President of the Conference for one year, with effect from 1st January 2016, and HE Ali I. Naimi, Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia, as Alternate President, for the same period.

The Conference considered the Secretary General’s report, as well as the report of the Economic Commission Board, whose Members the Conference thanked for their efforts. The Conference deliberated on the current status of negotiations at the COP-21/CMP-11 United Nations Climate Change Conference in Paris and underscored the importance for all OPEC Member Countries to be actively and positively engaged in the negotiations. It stressed that climate change, environmental protection and sustainable development are a major concern for us all. The Conference emphasized the significance of continued dialogue with other oil-producing countries and the importance of maintaining its energy dialogue with China, the European Union, the Russian Federation, and other industry participants and international organizations. It also welcomed the first high-level meeting of the OPEC-India Energy Dialogue later this month.

In examining the current status of the oil market, the Conference respected the input and ideas of all Member Countries to find ways and means to deal with the challenges they are facing in the global oil market today. The Conference observed that, since its last meeting in June, oil and product stock levels in the OECD have continued to rise. The latest numbers see OECD and non-OECD inventories standing well above the five-year average.

Having reviewed the oil market outlook for 2015, and the projections for 2016, the Conference observed that global economic growth is currently at 3.1% in 2015 and is forecast to expand by 3.4% next year. In terms of supply and demand, it was noted that non-OPEC supply is expected to contract in 2016, while global demand is anticipated to expand again by 1.3 mb/d.

In view of the aforementioned, and emphasizing its commitment to ensuring a long-term stable and balanced oil market for both producers and consumers, the Conference agreed that Member Countries should continue to closely monitor developments in the coming months.

In view of the fact that the Organization’s Statute requires the change of the Secretary General after two terms and, given the fact that HE Abdalla Salem El-Badri has served the full terms, the Conference has, therefore, agreed that he continues as Acting Secretary General until the end of July 2016, when a new Secretary General will be elected by Member Countries.

The Conference appointed Eng. Mohamed Hamel, Algerian Governor for OPEC, as Chairman of the Board of Governors until 31st December 2016, and Estevao Pedro, Angolan Governor for OPEC, as Alternate Chairman for the same period.

The Conference approved the Budget of the Organization for the year 2016.

The Conference decided that its next Ordinary Meeting will convene on Thursday, 2nd June 2016 in Vienna, Austria.

Finally, the Conference expressed its continued deep appreciation to the Government and to the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and excellent arrangements made for the Conference Meeting.