2005 - OPEC

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$510.5 billion in revenues, compared to $179.8 bn in non-OPEC developing countries. Elsewhere, in terms of the value of non-petroleum exports, non-OPEC developing countries, with a total of $1,601.3 bn in 2005, for outstripped OPEC MCs, which had a total of $178.8 bn. Oil exports, as a percentage of total export, increased in both OPEC MCs and non-OPEC developing countries, reflecting the significant importance of the share of oil exports to total exports. 1
Table 1 World economic growth rates 2004–05 % change over previous period Grouping/country 2004 2005 OECD 3.3 2.8 Other Europe 6.6 4.6 Developing countries 6.3 5.8 Africa 5.1 4.9 Latin America & Caribbean 5.9 4.7 Asia & Oceania 6.7 6.5 Asia-Pacific 6.0 5.1 OPEC 7.0 5.7 China 10.1 9.9 FSU 8.4 6.5 Total world 5.2 4.7 Member Country 2004 2005 Algeria 5.2 5.3 Indonesia 5.1 5.6 IR Iran 5.1 5.9 Iraq 46.5 –3.0 Kuwait 6.2 8.5 SP Libyan AJ 4.6 3.5 Nigeria 6.0 6.9 Qatar 9.3 5.5 Saudi Arabia 5.2 6.5 United Arab Emirates 7.8 8.0 Venezuela 17.9 9.3 Average OPEC 7.0 5.7 Sources (Table 1): Secretariat’s estimates; OECD, Main Economic Indicators; OECD, Economic Outlook; International Monetary Fund (IMF), World Economic Outlook; IMF, International Financial Statistics. Sources (Table 2): IMF, International Financial Statistics; IMF, World Economic Outlook; Economist Intelligence Unit (EIU), country reports; official OPEC Member Countries’ statistics; Secretariat’s estimates. Table 3 Table 2 Comparison: OPEC and non-OPEC developing countries OPEC Member Countries’ real GDP growth rates 2004–05 % change over previous period 2004 2005 OPEC non-OPEC OPEC non-OPEC Real GDP growth rate (per cent) 7.0 6.2 5.7 5.9 Petroleum export value ($/bn) 353.7 130.8 510.5 179.8 Value of non-petroleum exports ($/bn) 165.8 1,408.5 178.8 1,601.3 Oil exports as percentage of total exports 68.1 8.5 74.1 10.1 Value of imports ($/bn) 289.9 1,571.4 365.7 1,829.2 Current account balance ($/bn) 136.4 86.4 218.7 70.4 Average Reference Basket price ($/b) 36.1 – 50.6 – Crude oil production (mb/d) 29.1 10.7 29.9 11.2 Reserves ($/bn; excluding gold) 237.4 1,045.9 292.6 1,118.1 Note: Figures are partly estimated. Sources: IMF, International Financial Statistics; IMF, World Economic Outlook; IMF, Direction of Trade Statistics; EIU, country reports; World Bank Development Indicators; OPEC database; Secretariat’s estimates. 1
Page 4 and 5: Organization of the Petroleum Expor
Page 6 and 7: Foreword There are many words that
Page 8 and 9: As an industry we have to be inclus
Page 10 and 11: OPEC in the World Economy In 2005,
Page 12 and 13: significantly supported by savings
Page 14 and 15: The largest country in the region,
Page 18 and 19: Oil Market Developments OPEC produc
Page 20 and 21: Figure 1: Year-on-year percentage c
Page 22 and 23: Figure 3: OPEC 1 and non-OPEC 2 mar
Page 24 and 25: OECD OECD countries, which account
Page 26 and 27: Table 6 Summarised supply/demand ba
Page 28 and 29: Figure 4: Monthly movement of crude
Page 30 and 31: demand growth forecast for 2005 and
Page 32 and 33: closing at $57.82/b. The downward p
Page 34 and 35: Looking ahead, initiatives from OPE
Page 36 and 37: The freight rates of VLCCs on the M
Page 38 and 39: EU-OPEC Energy Dialogue In line wit
Page 40 and 41: million barrels a day for a period
Page 42 and 43: Russia-OPEC Energy Dialogue Russia,
Page 44 and 45: China-OPEC Energy Dialogue The birt
Page 46 and 47: OPEC Acting Secretary General expre
Page 48 and 49: Dr Edmund M Daukoru, Presidential A
Page 50 and 51: is fully met, and global crude oil
Page 52 and 53: particular the fourth quarter 2005,
Page 54 and 55: in the Middle East and North Africa
Page 56 and 57: increased activity in the oil futur
Page 58 and 59: & Energy and Head of its Delegation
Page 60 and 61: forward to hosting the next EU-OPEC
Page 62 and 63: OPEC President sends US Energy Secr
Page 64 and 65: what additional measures could be t
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implementing costly investment plan
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tion remaining committed to so enha
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panding the role of oil in meeting
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Brussels on 9 June, including the f
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The Conference considered the repor
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Al-Ahmed Al-Jaber Al-Sabah, Prime M
Page 78 and 79:
Activities of the Secretariat Offic
Page 80 and 81:
stocks at comfortable levels, and h
Page 82 and 83:
oil in meeting future global energy
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In addition to the close monitoring
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through regular dissemination of el
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support from the RD, also updated a
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2005 were stored in the OPEC archiv
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ALGERIA Dr Chakib Khelil Minister o
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Members of the Board of Governors M
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National Representatives to the ECB
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Diary of the President/Secretary Ge
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100 Calendar January 14 OPEC-United
Page 102 and 103:
June 14 Meeting of the OPEC Legal D
Page 104 and 105:
November 28- COP-11-Meeting of the
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2005 - OPEC

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