OPEC : 119th Meeting of the OPEC Conference

119th Meeting of the OPEC Conference

No 3/2002
Vienna, Austria
15 Mar 2002

The 119th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 15 March 2002, under the Chairmanship of its President, HE Dr. Rilwanu Lukman, Presidential Adviser on Petroleum & Energy of Nigeria and Head of its Delegation.

The Conference extended a warm welcome to HE Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Acting Minister of Oil of the State of Kuwait, and to all other Heads of Delegation.

The Conference welcomed high-level representatives from Angola, the Arab Republic of Egypt, Mexico, the Sultanate of Oman, the Syrian Arab Republic, and the Russian Federation, whose presence at the Meeting is seen as confirmation of their solidarity with the objectives of the Organization to stabilize the market.

The Conference renewed the expression of its appreciation of the pledges made by Angola, Mexico, Norway, Oman and the Russian Federation and recognized their contribution made so far to the Organization’s efforts to stabilize the market.

The Conference reviewed the Secretary General's report, the report of the Economic Commission Board, the report of the Ministerial Monitoring Sub-Committee (MMSC), and various administrative matters.

The Conference also reviewed the current market situation and its immediate prospects, and noted the encouraging signs of world economic recovery and its effect on the oil market. The Conference further noted the positive market consequences of the actions taken by OPEC and non-OPEC producers to bring about stability to the market.

In view of the uncertainties and the seasonal, low demand in the second quarter, Member Countries strongly emphasized their firm commitment to their Agreements of November and December 2001, until 30 June 2002, and expressed commitment to continue maintaining full compliance. They further urged non-OPEC producers/exporters to continue to co-operate in efforts to maintain market stability.

The Conference agreed that market conditions should continue to be closely monitored and decided to hold an Extraordinary Meeting of the Conference in Vienna, Austria, on Wednesday, 26 June 2002, in order to review the situation.

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

The Conference passed Resolutions that will be published on 15 April 2002, after ratification by Member Countries.

The next Ordinary Meeting of the Conference will be convened in Vienna, Austria, on Wednesday, 18 September 2002.