Remarks by the President of the OPEC Conference

Delivered by HE Manuel Salvador Quevedo Fernandez, Venezuela's People’s Minister of Petroleum and President of the OPEC Conference 2019, at the 7^th OPEC and non-OPEC Ministerial Meeting, 6 December 2019, Vienna, Austria.

Excellencies, distinguished delegates, ladies and gentlemen,

It is a great pleasure to welcome you all to the 7^th OPEC and non-OPEC Ministerial Meeting.

As I look around the room, it is enormously pleasing to see so many OPEC Ministers and other heads of delegation from non-OPEC producing countries here today.

Sitting alongside me again is my friend and co-Chair for this meeting, His Excellency Alexander Novak, Minister of Energy of the Russian Federation.  HE Novak continues to be a strong and committed advocate of the historic cooperation that has evolved between OPEC and non-OPEC, as we have sought to restore the much needed balance and sustainable stability to the oil market.

On my other side, is another comrade and brother, HE Mohammad Sanusi Barkindo, the OPEC Secretary General. HE Barkindo, and his team at the OPEC Secretariat, are the glue that holds us all together, through the excellent research, analysis and reports they prepare for us.

These form the basis of the work undertaken by the excellent supporting bodies of the ‘Declaration’, the Joint Technical Committee (JTC) and the Joint Ministerial Monitoring Committee (JMMC), which enables us take informed decisions.

The ‘Charter’ is a voluntary commitment and open to all producing countries. An innovative and inclusive framework longer term framework that aims to evolve oil’s role in an ever-shifting global energy mix, advancing the environmental credentials of oil and boosting energy efficiency across the value chain.

I hope that we can all look to extend an open invitation to other oil producing nations to join us. Robust and expanded cooperation is the most effective way to counter volatility and achieve common goals, for the benefit of producers, consumers and the global economy. 

Today we welcome delegations of South Africa and Brazil that will participate at this Conference as observers. Thank you very much for joining all of us in this common effort.

Speaking on behalf of my beloved country, Venezuela, today it remains vital that the oil market is not leveraged as a means to attack the economies of sovereign nations, which directly affects the development and welfare of the people. This is clearly unjust and illegal, especially if the one who exercises it does so pursuing dominance.

We are steadfast in standing up to these unlawful actions, and I have no doubt that the country will overcome these hostile acts.

We look to the international community, and the support of OPEC, as well as non-OPEC producers in the ‘Declaration of Cooperation’, to resolve these challenges through open and fair dialogue.

Excellencies, distinguished delegates, ladies and gentlemen,

At the 177th Meeting of the OPEC Conference yesterday, we discussed the recent oil market situation and the 2020 prospects.  These issues will now be deliberated with Your Excellencies.

There are evidently many variables at play including the US-China trade dispute, oil demand uncertainties, which includes potential upsides, and the role of non-OPEC supply outside of the ‘Declaration of Cooperation’, specifically a possible slowdown in growth levels from US tighter oil supply.

Our laser focus for 2020 needs to be on helping maintain the balance that has been achieved, and sustaining the ‘hard won’ stability that has been realized.

We cannot compromise on our goals or lose sight of our hard-earned achievements. 

Over the last three years, our cooperation has proven to be effective.  There is clarity that we are stronger working together.  It is the only way to overcome our common challenges and achieve our common market stability goals that are conducive to the global economy at large.

Before I conclude, let me say that it has been an honour and a privilege to lead OPEC as Conference President in 2019, and to sit here with such distinguished colleagues at these OPEC and non-OPEC ministerial meetings.

I wish my successor, HE Mohamed Arkab, Algeria’s Minister of Energy, all the best for 2020; a landmark year for OPEC as we celebrate the Organization’s 60th anniversary.

Thank you.