Home / Knowledge / News / Textiles / Commercial oil stocks in line with seasonal trend, OPEC
Commercial oil stocks in line with seasonal trend, OPEC
21
Feb '08
The 147th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held at the OPEC Headquarters in Vienna on 1 February 2008, under the Chairmanship of its President, HE Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of its Delegation, in order to review recent developments in world oil markets.

Prior to commencing the business of the day, the Conference extended a very warm welcome to HE Dr Galo Chiriboga Zambrano, Minister of Mines and Petroleum of Ecuador, who was attending a Meeting of the Conference as Head of his Country's Delegation for the first time.

The Conference extended its condolences to the Government and people of the Republic of Indonesia on the demise of His Excellency Muhammad Soeharto, former President of the Republic.

The Conference then reviewed oil market developments since its Meeting in Abu Dhabi in December 2007, as well as short-term prospects. It observed that OPEC production decisions had ensured that the market remained well supplied throughout 2007. It also noted that the first half of 2008 was likely to witness a crude inventory build, and supply/demand forecasts indicate that commercial oil stocks are in line with the seasonal trend and are expected to remain within their five-year average during the traditionally lower-demand season in 2008.

In view of the current situation, coupled with the projected economic slow-down, the Conference agreed that current OPEC production is sufficient to meet expected demand for the first quarter of the year. At the same time, however, the Conference noted that the significant uncertainties associated with the projected downturn in the global economy called for vigilant attention to their impact on key market fundamentals until its next Meeting on 5 March 2008.

The Conference reiterated the Organization's determination to take every measure deemed necessary to keep the market stable.

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.

Organization of the Petroleum Exporting Countries

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search