The Nigera Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke
has been elected as alternate president of the conference of the Organisation
of Petroleum Exporting Countries (OPEC) for one year which will contiue counting from
Jauary 1, 2014. others elected was Dr Abdel Bari Ali Al-Arousi, minister of oil
and gas of Libya, as president of the conference for one year.
The conference also appointed Dr Ali Obaid Al Yabhouni, the United Arab Emirates’ Governor for OPEC, as chairman of the Board of Governors for the year 2014, and Dr. Bernard Mommer, Venezuelan Governor for OPEC, as Alternate Chairman for the same period, with effect from January 1, 2014.
These were highpoints of the 164th meeting of OPEC held in Vienna, Austria, under the Chairmanship of its President, Mustafa Jassim Mohammad Al-Shamali, Deputy Prime Minister and Minister of Oil of the State of Kuwait.
The conference extended the tenure of Abdalla S. El-Badri as Secretary General for a period of one year, with effect from January 1, 2014. It also approved the budget of the organisation for the year 2014 as well as decided that its next ordinary meeting will convene in Vienna, Austria, on June 11, 2014.
The conference congratulated Bijan Namdar Zangeneh and Mustafa J.M. Al-Shamali on their appointments as Minister of Petroleum of the Islamic Republic of Iran and Minister of Oil of the State of Kuwait, respectively, and thanked their predecessors in office, Rostam Ghasemi of Iran and Hani Abdulaziz Hussain of Kuwait for their contributions to the work of the OPEC.
While reviewing the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters, the conference also exchanged views on developments in multilateral environment negotiations, including: the outcome of COP19/CMP9 held in Warsaw, Poland, in November; the status of the organszation’s ongoing energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; and its energy dialogue with the Russian Federation.
The conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014. It also considered the global economic outlook, again noting: the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.
It stated that the biggest challenge facing global oil markets in 2014 was global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern.
Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the conference directed the secretariat to continue its close monitoring of developments in supply and demand, as well as non-fundamental factors, such as speculative activity, keeping member countries well informed of developments.
The conference reiterated its appreciation to the government and people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and the excellent arrangements made for the meeting.
The conference also appointed Dr Ali Obaid Al Yabhouni, the United Arab Emirates’ Governor for OPEC, as chairman of the Board of Governors for the year 2014, and Dr. Bernard Mommer, Venezuelan Governor for OPEC, as Alternate Chairman for the same period, with effect from January 1, 2014.
These were highpoints of the 164th meeting of OPEC held in Vienna, Austria, under the Chairmanship of its President, Mustafa Jassim Mohammad Al-Shamali, Deputy Prime Minister and Minister of Oil of the State of Kuwait.
The conference extended the tenure of Abdalla S. El-Badri as Secretary General for a period of one year, with effect from January 1, 2014. It also approved the budget of the organisation for the year 2014 as well as decided that its next ordinary meeting will convene in Vienna, Austria, on June 11, 2014.
The conference congratulated Bijan Namdar Zangeneh and Mustafa J.M. Al-Shamali on their appointments as Minister of Petroleum of the Islamic Republic of Iran and Minister of Oil of the State of Kuwait, respectively, and thanked their predecessors in office, Rostam Ghasemi of Iran and Hani Abdulaziz Hussain of Kuwait for their contributions to the work of the OPEC.
While reviewing the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters, the conference also exchanged views on developments in multilateral environment negotiations, including: the outcome of COP19/CMP9 held in Warsaw, Poland, in November; the status of the organszation’s ongoing energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; and its energy dialogue with the Russian Federation.
The conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014. It also considered the global economic outlook, again noting: the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.
It stated that the biggest challenge facing global oil markets in 2014 was global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern.
Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the conference directed the secretariat to continue its close monitoring of developments in supply and demand, as well as non-fundamental factors, such as speculative activity, keeping member countries well informed of developments.
The conference reiterated its appreciation to the government and people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and the excellent arrangements made for the meeting.
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