2005 - OPEC

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China-OPEC Energy Dialogue The birth of the China-OPEC Dialogue can be traced back to March 2005 when, at the request of the Chinese Ambassador to Austria, Dr Adnan Shihab-Eldin, OPEC’s Acting for the Secretary General (ASG), welcomed Ambassador Lu Yonghua to the OPEC Secretariat. On instructions from the Chinese Government, the Ambassador informed Dr Shihab-Eldin that China was considering the establishment of an official relationship with OPEC and proposed the creation of an official dialogue between OPEC and China. This initial meeting was followed up by Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of Kuwait and President of the OPEC Conference, heading up an official OPEC delegation to China in December 2005. The visit included a meeting with the Chinese Vice Premier, HE Zeng Peiyan, who stressed the importance the Chinese Government attached to establishing a dialogue with OPEC. Further meetings were held with HE Ma Kai, Chairman of the National Development and Re- form Commission of China, where presentations were made by OPEC and China on oil market developments. Following an exchange of views on the oil market industry, strategic stockpiling and the prospects for China-OPEC cooperation, the discussions focused on the main themes and modalities for the China-OPEC Energy Dialogue. The December meeting established a formal energy dialogue with the main purpose of establishing a balanced, pragmatic framework for cooperation, and the development of an ongoing exchange of views at all levels on energy issues of common interest, in particular security of 44
supply and demand, in order to enhance market stability. The dialogue will build upon the existing oil and gas bilateral investment and trading relations between China and many OPEC Member Countries. Both parties stated that effective producer-consumer dialogue provides a “win-win” situation for all participants, as well as for the industry as a whole. In regard to China and OPEC, China’s economic growth requires secure, steady supplies of energy, while OPEC’s crude oil reserves and production are expected to continue growing, ensuring that there will be enough oil to meet rising world demand for decades to come. Going forward it was agreed there would be meetings at ministerial level at mutually convenient times, as well as high-level technical roundtables. Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of Kuwait and President of the OPEC Conference with the Chinese Vice Premier, HE Zeng Peiyan. 45
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 40 and 41: million barrels a day for a period
Page 42 and 43: Russia-OPEC Energy Dialogue Russia,
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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