Chapter 4 . About OPEC
lobal events in recent years have
demonstrated the interconnected
nature of today’s world. It is thus more
important than ever to coordinate
actions and work together with others
when tackling these global challenges.
This is especially true for the oil industry,
which reaches all corners of the Earth.
There are several issues that OPEC
considers priorities for all global
. One of these is
improving communications—through
dialogue and cooperation—between oil
producers and consumers.
This is especially important in order
to avoid market instability. OPEC has
always said that avoiding instability and
preserving market stability can only be
achieved by cooperating with other
non-OPEC oil producers.
OPEC regularly meets with these other
major oil producers such as Russia to
improve the understanding of the oil
industry and seek appropriate policy
Since it is an organization of oil-
producing countries, OPEC also meets
regularly with large oil consumers. In fact,
OPEC has an on-going dialogue with
the European Union. OPEC also holds
meetings and workshops with China.
In addition, OPEC holds dialogues with
other international organizations—
such as the International Energy
Agency (IEA)—and participates in
ongoing dialogue with other energy
stakeholders under the framework of the
International Energy Forum (IEF).
Another issue that OPEC considers
important for all global energy
stakeholders is the role that governments
and people everywhere have in
environmental protection efforts.
OPEC Member Countries are
continually looking for ways to work
with others on this. The Organization
has participated in environmental
conferences and seminars, and has
undertaken extensive studies of the
relationship between the energy sector
and global warming.
At the same time, OPEC also supports
the efforts of its individual Member
Countries to do what they can at
the national level—such as develop
new technologies that enhance the
environmental credentials of oil and
reduce the environmental impact of
activities in the energy sector.
To emphasize their overall commitment
to the environment, the leaders of
OPEC Member Countries agreed to
several principles set forth in the ‘Riyadh
Declaration’ issued at the conclusion of
the Third OPEC Summit of Heads of
State held in Saudi Arabia in 2007. In it,
the Heads of State of OPEC Member
Countries agreed that the themes of
stability, sustainable development
and the environment should guide all
Member Country initiatives.
Building bridges
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