2010年-OPEC公报_OB01_022010_111页_6mb

OPEC Bulletin Summary: 155th Meeting in Angola

Core Content

The 155th (Extraordinary) OPEC Conference was held in Luanda, Angola, in December 2009. This was the first time Angola, which joined OPEC in 2007, hosted an OPEC meeting. The conference focused on maintaining global oil market stability and ensuring fair and reasonable prices for consumers.

Main Points

• OPEC's Production Ceiling: OPEC decided to keep the current production ceiling of 24.845 million barrels/day unchanged. This decision was reaffirmed for 11 out of 12 member countries, excluding Iraq, due to the uncertainties surrounding the global economic recovery and the need to balance supply and demand.

• Market Volatility: The decade saw significant price volatility, especially in the latter half, largely due to speculation in the international financial markets. The 2008 financial crisis led to a sharp drop in oil prices, which OPEC attempted to stabilize by reducing production, but this was undermined by some non-OPEC producers increasing output.

• Global Economic Recovery: The world economy was emerging from recession, though the recovery was slow and uneven. OPEC acknowledged that while some regions showed signs of economic growth, the full extent and durability of the recovery were still uncertain.

• OPEC's Role in Stability: OPEC reaffirmed its commitment to maintaining a stable and secure supply of oil at fair prices. This includes monitoring the market and working with member countries to ensure compliance with production quotas.

• Need for Non-OPEC Cooperation: OPEC called on non-OPEC producers to cooperate in stabilizing the oil market. It emphasized the importance of solidarity among all oil-producing nations, especially during times of market instability.

• Environmental and Sustainable Development: OPEC highlighted the importance of energy for sustainable development and the environment. The organization's third Solemn Declaration in 2007 outlined three guiding themes: stability of global energy markets, energy for sustainable development, and energy and environment.

• Investment in Future Capacity: OPEC stressed the need for investment in future production capacity to meet rising global demand. It noted that 160 projects worth $160 billion were underway, with some delayed due to low oil prices, but nine or ten had been revived as prices stabilized.

• Climate Change and Energy Efficiency: OPEC encouraged energy efficiency but emphasized that its primary focus was on aligning oil demand with supply and production. It also expressed concerns about the lack of progress in international climate change negotiations, particularly in Copenhagen, where developed nations were expected to take greater responsibility.

• Angola's Leadership: Angola, as the 2009 Conference President, expressed pride in hosting the event. It was seen as a pivotal moment for the organization, especially given the global economic challenges of the time.

• Future Outlook: OPEC remains committed to its long-standing role in ensuring oil market stability. The next Ordinary Meeting was scheduled for March 17, 2010, in Vienna, Austria.

Key Information

• OPEC Membership: OPEC consists of 12 member countries. Notable additions include Angola (2007), Qatar (1961), and Ecuador (rejoined in 2007 after a suspension in 1992). Indonesia suspended its membership in 2008.

• OPEC Secretariat Leadership:

  • Secretary General: Abdalla Salem El-Badri
  • Director, Research Division: Dr Hasan M Qabazard
  • Head, PR & Information Department: Dr Omar Farouk Ibrahim
  • General Legal Counsel: Mohammad Alipour-Jeddi
  • Head, Data Services Department: Dr Ibibia Lucky Worika
  • Head, Finance & Human Resources Department: Fuad Al-Zayer

• OPEC's Message: OPEC reiterated that all parties, including non-OPEC producers, have a role to play in ensuring a stable and sustainable future for the oil market.

• Downstream Capacity: The downstream refining capacity in OPEC member countries stood at 10 million barrels/day and was expected to increase by 1.5 million barrels/day in the coming years.

• Financial Considerations: OPEC does not have a set price target but considers both oil prices and production costs when making decisions. It does not automatically call for an Extraordinary Meeting if prices fall below $60/barrel, as it also looks at the broader economic context.

• Event Highlights: The conference featured speeches from OPEC leaders, press briefings, and discussions on energy, environment, and economic recovery. Angola's Prime Minister and Minister of Petroleum emphasized the importance of OPEC in the global economy and sustainable development.

• Anniversary Celebrations: OPEC planned to celebrate its 50th anniversary in 2010, which would fall in September. However, the organization would continue its regular operations and focus on maintaining oil market stability.

Conclusion

OPEC remains dedicated to its mission of ensuring stable, secure, and fair oil prices while promoting sustainable development and environmental responsibility. The 155th meeting in Angola underscored the importance of cooperation among all oil-producing nations and the need for a predictable and well-regulated global financial system to support long-term energy market stability.