2005 - OPEC

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million barrels a day for a period of three months from 1 October 2005, should it be called for, had helped calm markets after the devastation caused by Hurricanes Katrina and Rita in the Gulf of Mexico. They recognised, however, that the continued and serious tightness in the global refinery system would maintain strains on market stability in the next few years, which calls for more efforts to create an environment that promotes downstream investments in major consuming countries and regions. In 2005, the EU-OPEC Energy Dialogue moved forward significantly and is now viewed as an integral event in the yearly agendas of both parties. Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Malcolm Wicks, UK Energy Minister with Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of Kuwait and President of the OPEC Conference. Minister of Energy of Kuwait and President of the OPEC Conference said of the dialogue in November: “We are only at the beginning of the road, and it is a very long road. Perhaps it is a road with no ending, because our dialogue has been set up on a permanent basis.” The dialogue is seen by the EU as part of a broader approach to strengthen energy relation- ships with the main oil and gas suppliers, and by OPEC as a significant further step in its 40 Reuters
Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of Kuwait and President of the OPEC Conference with Dr Martin Bartenstein, Minister of Economics and Labour, Austria. continued efforts to enhance understanding and cooperation among oil producers and consum- ers. It is also a natural extension of the warm relations that have existed for decades in many areas of activity involving members of the two groups, which have been highly beneficial to the flow of goods and services. The EU is OPEC’s main trading partner and accounts for an increasing share of its total trade. L-R: Andris Piebalgs, EU Energy Commissioner, Dr Edmund M Daukoru, Minister of State for Petroleum Resources, Nigeria, Malcolm Wicks, UK Energy Minister and Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of Kuwait and President of the OPEC Conference. 41
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 16 and 17: $510.5 billion in revenues, compare
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 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
Page 66 and 67: implementing costly investment plan
Page 68 and 69: tion remaining committed to so enha
Page 70 and 71: panding the role of oil in meeting
Page 72 and 73: Brussels on 9 June, including the f
Page 74 and 75: The Conference considered the repor
Page 76 and 77: 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
Page 84 and 85: In addition to the close monitoring
Page 86 and 87: through regular dissemination of el
Page 88 and 89: support from the RD, also updated a
Page 90 and 91:
2005 were stored in the OPEC archiv
Page 92 and 93:
ALGERIA Dr Chakib Khelil Minister o
Page 94 and 95:
Members of the Board of Governors M
Page 96 and 97:
National Representatives to the ECB
Page 98 and 99:
Diary of the President/Secretary Ge
Page 100 and 101:
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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