Interviews
149th OPEC Conference reviews current oil market conditions
25 Sep '08
4 min read
Furthermore, the Conference recorded the readiness of Member Countries to swiftly respond to any developments which might place oil market stability and their interests at risk.
Accordingly, in addition to maintaining a constant and vigilant watch over supply/demand fundamentals, the Conference agreed to reassess the market situation at its 150th (Extraordinary) Meeting, to be held in Oran, Algeria, on 17th December 2008.
The Conference regretfully accepted the wish of Indonesia to suspend its full Membership in the Organization and recorded its hope that the Country would be in a position to rejoin the Organization in the not too distant future.
The Conference elected HE Desidério da Graça Verissímo e Costa, Minister of Petroleum of Angola and Head of its Delegation, as President of the Conference for one year, with effect from 1st January 2009, and HE Dr. Galo Chiriboga Zambrano, Minister of Mines and Petroleum of Ecuador and Head of its Delegation, as Alternate President, for the same period.
The Conference appointed Ms. Siham A. Razzouqi, Governor for Kuwait, as Chairman of the Board of Governors for the year 2009, and Dr. Abdullah Ammar Ballut, Governor for the Socialist Peoples Libyan Arab Jamahiriya, as Alternate Chairman for the same period, with effect from 1st January 2009.
The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on Sunday, 15th March 2009, shortly before the OPEC International Seminar on the theme “Petroleum: Future Stability & Sustainability”, which will take place at the Vienna Hofburg Palace on 18th and 19th March 2009.
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.
Finally, the Conference passed Resolutions that will be published on 10th October 2008, after ratification by Member Countries.
Accordingly, in addition to maintaining a constant and vigilant watch over supply/demand fundamentals, the Conference agreed to reassess the market situation at its 150th (Extraordinary) Meeting, to be held in Oran, Algeria, on 17th December 2008.
The Conference regretfully accepted the wish of Indonesia to suspend its full Membership in the Organization and recorded its hope that the Country would be in a position to rejoin the Organization in the not too distant future.
The Conference elected HE Desidério da Graça Verissímo e Costa, Minister of Petroleum of Angola and Head of its Delegation, as President of the Conference for one year, with effect from 1st January 2009, and HE Dr. Galo Chiriboga Zambrano, Minister of Mines and Petroleum of Ecuador and Head of its Delegation, as Alternate President, for the same period.
The Conference appointed Ms. Siham A. Razzouqi, Governor for Kuwait, as Chairman of the Board of Governors for the year 2009, and Dr. Abdullah Ammar Ballut, Governor for the Socialist Peoples Libyan Arab Jamahiriya, as Alternate Chairman for the same period, with effect from 1st January 2009.
The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on Sunday, 15th March 2009, shortly before the OPEC International Seminar on the theme “Petroleum: Future Stability & Sustainability”, which will take place at the Vienna Hofburg Palace on 18th and 19th March 2009.
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.
Finally, the Conference passed Resolutions that will be published on 10th October 2008, after ratification by Member Countries.
Organization of the Petroleum Exporting Countries
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