OPEC : Statement by OPEC Conference President

Statement by OPEC Conference President

No 8/2006
Doha, Qatar
24 Apr 2006

Statement by HE Dr Edmund Maduabebe Daukoru, President of the OPEC Conference, Secretary General of OPEC & Minister of State for Petroleum Resources of Nigeria

The President of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) held informal consultations today with Oil and Energy Ministers of Member Countries attending the 10th International Energy Forum (IEF) in Doha, Qatar, 22-24 April 2006.

Ministers reflected on the oil market situation and observed, with satisfaction, that actions taken by the Organization in recent years have increased stability in the oil market, to the benefit of producers and consumers alike, whilst decisions taken by the OPEC Conference during the preceding eighteen months have clearly demonstrated OPEC’s success in overcoming supply disruptions by assuring adequate supplies to consumers. At the same time, however, the market remains volatile, with prices being driven more by geopolitical uncertainties and speculation than by supply/demand fundamentals, which clearly indicate that crude volumes entering the market are currently well in excess of actual demand, as levels of crude stocks in OECD countries demonstrate.

On this occasion, OPEC re-emphasized the Organization’s firm and proven commitment to providing adequate supplies of crude to consuming nations, as well as OPEC’s commitment to stabilizing the market and realizing its objective of maintaining crude oil prices at fair and equitable levels for the benefit of the world economy and the wellbeing of the market.