OPEC : 144th Meeting of the OPEC Conference

144th Meeting of the OPEC Conference

No 3/2007
Vienna, Austria
15 Mar 2007

The 144th (Ordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 15 March 2007, under the Chairmanship of its President, HE Mohamed Bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates and Head of its Delegation.

The Conference extended a warm welcome to HE Desidério da Graça Veríssimo e Costa, Minister of Petroleum of the Republic of Angola, attending a Meeting of the Conference for the first time as Head of the Delegation of a Full Member of the Organization; congratulated HE Dr. Edmund M. Daukoru, Head of the Delegation of Nigeria, on his appointment as his Country’s Minister of Energy; and welcomed HE Abdalla Salem El-Badri, also attending a Meeting of the Conference for the first time in his capacity as OPEC Secretary General.

The Conference also warmly welcomed the Minister of Petroleum of Egypt and high-level representatives from Mexico, Oman and Russia, whose presence at the Meeting is seen as reaffirmation of these oil-producing countries’ continued support for the Organization’s efforts to achieve an oil market balance. Also present was the Director-General of the OPEC Fund for International Development.

The Conference reviewed the Secretary General's report, the report of the Economic Commission Board, the report of the Ministerial Monitoring Sub-Committee (MMSC) - whose Members the Conference once again thanked for their continued efforts on OPEC’s behalf - and various administrative matters.

Having reviewed the oil market outlook, the Conference observed that the world economic performance in 2007 is expected to remain relatively firm, albeit slightly lower than in 2006, reflecting, inter alia, the impact of higher interest rates. The Conference also noted that, although all indicators clearly show that the market remains well-supplied with crude oil and that OECD commercial oil stocks are healthy, overall oil market volatility is likely to continue.

In light of this volatility, the Conference decided to continue closely monitoring market developments to ascertain that oil market stability is achieved and that global economic growth is sustained.

The Conference passed Resolutions that will be published on 15 April 2007, after ratification by Member Countries.

The Conference decided that its next Ordinary Meeting will be convened in Vienna, Austria, on 11 September 2007. The Conference also accepted an invitation from the United Arab Emirates to convene an Extraordinary Meeting in Abu Dhabi on 5 December 2007.

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