OPEC 167th Meeting concludes No 3/2015
Conference congratulated HE Dr. Salah Khebri on his appointment as
welcome was also extended to Dr. Jamila Shu’ara, Permanent Secretary of
The Conference considered the Secretary General’s report and the report of the Economic Commission Board. It also exchanged views on other issues, in particular, preparations for the COP21/CMP 11 in Paris; the status of the UN post-2015 development agenda; the Organization’s ongoing cooperation with the International Energy Forum and the International Energy Agency; the ongoing collaboration with various international organizations within the G-20; as well as OPEC’s ongoing energy dialogue with the European Union, the Russian Federation, and others.
on the importance of maintaining dialogue with other oil-producing
countries, the Conference affirmed the technical meeting of oil and
economic experts from both OPEC and Non-OPEC countries, held on 12th May
The Conference reviewed the oil market outlook, as presented by the Secretary General, in particular the demand and supply projections, and the outlook for the second half of 2015. The Conference noted that the global economic recovery had stabilized, albeit with growth at moderate levels. In the current year, GDP growth is projected at 3.3%, with this expected to be at a slightly higher level of 3.5% for 2016.
its continued concern over market volatility and the challenges faced by
the global oil industry as a whole, the Conference observed, further, that
the sharp decline in oil prices witnessed at the end of last year and the
start of this year – caused by oversupply and speculation – had now
abated, with prices moving slightly higher in recent months.
The Conference noted that world oil demand is forecast to increase in the second half of 2015 and in 2016, with growth driven by non-OECD countries. On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 barrels per day, which is only around one-third of the growth witnessed in 2014.
Conference also observed the recent build in stocks and the surplus of oil
in both OECD and non-OECD countries, which has resulted in stock levels
that lie well above the five-year average in terms of absolute volumes,
indicating that the market is comfortably supplied.
In view of the foregoing, the Conference resolved to maintain the 30 mb/d ceiling and urged Member Countries to adhere to it. Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers. Nonetheless, the Conference stressed that, given the current market uncertainties, the Secretariat should continue to closely monitor developments in the coming months.
Conference was briefed by the Head of Delegation of Ecuador on the ongoing
arbitration process brought against the
Conference appointed Eng. Iván Orellana, Venezuelan Governor for OPEC, as
Chairman of the Board of Governors until 31st December 2015, and Eng.
Mohamed Hamel, Algerian Governor for OPEC, as Alternate Chairman for the
Conference decided that its next Ordinary Meeting will convene on Friday,
4th December, 2015, in
the Conference again expressed its appreciation to the Government and to
the people of the