OPEC : 125th (Extraordinary) Meeting of the OPEC Conference

125th (Extraordinary) Meeting of the OPEC Conference

No 9/2003
Doha, Qatar
11 Jun 2003

The 125th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Doha, Qatar, on June 11, 2003, under the Chairmanship of its President, HE Abdulla bin Hamad Al-Attiyah, Minister of Energy and Industry of Qatar and Head of its Delegation.

His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of the State of Qatar, addressed and formally opened the Conference.

The Conference extended its deepest condolences to the Government and people of the Republic of Algeria for the terrible loss they have suffered as a consequence of the disastrous earthquakes that struck the country last month.

The Conference welcomed the Minister of Petroleum of Angola, the Under-Secretary of Hydrocarbons of Mexico, the Minister of Oil and Gas of the Sultanate of Oman, the Deputy Minister of Energy of the Russian Federation, and the Minister of Petroleum and Mineral Resources of the Syrian Arab Republic, whose presence at the Meeting is seen as renewed confirmation of these countries’ solidarity with 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 continuous endeavours on behalf of the Organization.

Having reviewed the current oil market situation, as well as supply/demand prospects for the second half of the year, the Conference noted that stability had been maintained in the market following the decision taken by the Conference in April 2003 to reduce actual production to 25.4 mb/d, with prices remaining within agreed levels.

Nevertheless, the Conference also noted that, despite the fact that the market remains well-supplied, prices displayed an upward trend, recently, due to the slower-than-anticipated recovery in Iraqi production, coupled with unusually low stock levels.

However, with low stock levels anticipated to be replenished during the third quarter, the Conference decided to maintain currently agreed production levels, with strict compliance, and emphasized that continued vigilance in monitoring market developments is imperative over the coming period.

To this end, the Conference decided to convene an Extraordinary Meeting in Vienna, Austria, on Thursday, July 31, 2003.

The Conference welcomed the return of Iraq to the oil market and looks forward to the country’s resumption of its role in the Organization.

The Conference again made its standing call on other oil producers/exporters to continue to co-operate with OPEC in its endeavours to maintain market stability in the interests of all concerned.

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

The Conference expressed its sincere gratitude to the Government of the State of Qatar and the authorities of the City of Doha for their warm hospitality and the excellent arrangements made for the Meeting.