Home / Knowledge / News / Textiles / 149th OPEC Conference reviews current oil market conditions
149th OPEC Conference reviews current oil market conditions
25
Sep '08
The 149th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 9th and 10th September 2008, under the Chairmanship of its President, HE Dr. Chakib Khelil, Minister of Energy & Mines of Algeria and Head of its Delegation, and its Alternate President, HE Desidério da Graça Verissímo e Costa, Minister of Petroleum of Angola and Head of its Delegation.

The Conference congratulated HE Eng. Mohammed Abdullah Al-Aleem on his appointment as Minister of Oil of the State of Kuwait and Head of its Delegation.

The Conference warmly welcomed the Minister of Petroleum of Egypt, the Deputy Prime Minister of the Russian Federation and the Minister of Energy & Mining of the Republic of Sudan, representatives of non-OPEC oil-producing countries with whom the Organization seeks concrete and constructive dialogue in the interests of maintaining order and stability in the oil market.

The Conference considered the Secretary General's report; the report of the Economic Commission Board; the report of the Ministerial Monitoring Sub-Committee (MMSC), chaired by HE Gholamhossein Nozari, Head of the Delegation of the Islamic Republic of Iran, whose Members the Conference again thanked for their continued efforts on the Organization's behalf; and various administrative matters.

The Conference exchanged views on, inter alia, recent developments in environment-related multilateral discussions and the outcome of the 5th Ministerial Meeting of the EU-OPEC Energy Dialogue.

Member Countries took this occasion to reiterate their abiding commitment to working with the international community towards achieving energy market stability and security, enhancing socio-economic development, alleviating poverty and protecting the environment, recognizing that energy is central to the achievement of the Millennium Development Goals.

The Conference reviewed current oil market conditions and future prospects and observed that production action taken by OPEC Member Countries has ensured that the oil market is well supplied and has enabled inventories to be built up to comfortable levels in terms of forward demand cover.

It further noted that prices have dropped significantly in recent weeks, driven by a weakening world economy, in particular in major OECD countries, with its concomitant lower oil demand growth, coupled with higher crude supply, a strengthening of the US dollar and an easing of geopolitical tensions. All the foregoing indicates a shift in market sentiment causing downside risks to the global oil market outlook.

Since the market is over-supplied, the Conference agreed to abide by September 2007 production allocations (adjusted to include new Members Angola and Ecuador and excluding Indonesia and Iraq), totalling 28.8 mb/d, levels with which Member Countries committed to strictly comply.

Further, given the role played by oil market stability in the world economy, the Conference reaffirmed its commitment to ensuring sound supply fundamentals and an adequate level of spare capacity for the benefit of the world at large.


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Textiles | On 20th Jul 2017

Ethiopia seeks Indian investment in textile industry

Ethiopia, one of the fastest growing countries of Africa, is seeking...

Textiles | On 20th Jul 2017

Afghan govt calls for plans to revive textile industry

The Government of Afghanistan has asked industrialists to present...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Wendell Rodricks
Wendell Rodricks

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

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X