OPEC : 122nd (Extraordinary) Meeting of the OPEC Conference

122nd (Extraordinary) Meeting of the OPEC Conference

No 13/2002
Vienna, Austria
12 Dec 2002

The 122nd (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 12 December 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 voiced its support for the Government and people of Venezuela and its hope that an amicable and peaceful solution could be rapidly found to the present unfortunate civil unrest, in the interests of all concerned. In an expression of this support, Member Countries indicated their readiness, if and when necessary, to temporarily assist PDVSA in the supply of hydrocarbons to its domestic and international customers.

The Conference considered the report of the Ministerial Monitoring Sub-Committee, and thanked the Sub-Committee Members for their continuous endeavours on behalf of the Organization.

Having reviewed the oil market situation, including the overall demand/supply picture for the year 2003, as well as the quarterly seasonal variations, and having observed that the relative strength in current market prices is partially a reflection of the prevailing political situation, the Conference decided to bring OPEC-10 actual output down to a new production ceiling of 23 mb/d, with effect from 1 January 2003, in order to maintain the price band mechanism and to ensure that prices remain within these set limits. In this connection, the Conference reiterated its call on Member Countries to ensure strict compliance with the new production level.

With this in mind, the market will be continuously and carefully monitored and the Conference remains firm in its intention to take any measures, when deemed necessary, to maintain market stability.

The Conference repeated its standing call on other oil producers and exporters to continue to co-operate with OPEC for the continuing welfare of the market and the good of both producers and consumers.

The Conference confirmed the date of 11 March 2003 for its next (Ordinary) Meeting in Vienna, Austria.

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 12 January 2003, after ratification by Member Countries.