2005 - OPEC

The need for an in-depth mutual understanding of the market;
Transparency and predictability of all factors affecting the oil market;
The link between environmental issues and energy security; and
The role and importance of new technologies in the provision of more supply, further
improvements in energy efficiency and the protection of the environment.
Moreover, the overall structure of the dialogue was discussed, and there was general agree-
ment on the framework for the objectives, scope and modalities, including annual meetings
at ministerial level. Seminars, joint studies and research, and technical exchanges in areas of
mutual interest, such as oil market developments and outlook, data flow, investments across
the supply chain, energy policies, and multilateral issues, were also highlighted.
In an address to the meeting, OPEC Conference President and Kuwait’s Minister of Energy,
Sheikh Ahmad Fahad Al-Ahmad Al-Sabah said: “An enhanced dialogue among producers,
in particular between Russia and OPEC, will benefit globally both producers and consumers,
contribute immensely to market stability and improve energy security. It will assure consumers,
especially those in developing countries with rising demand, of assured and reliable oil and
gas supplies to fuel their economic development in the 21st century.”
L-R: Viktor Khristenko,
Minister of Industry
and Energy, Russian
Federation, Professor
Stanislav Zhiznin, Senior
Adviser, Department of
Economic Cooperation,
Ministry of Foreign Affairs,
Russian Federation and
Sheikh Ahmad Fahad Al-
Ahmad Al-Sabah, Minister
of Energy of Kuwait and
President of the OPEC
Conference.
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