2005 - OPEC

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increased activity in the oil futures markets. In this connection, while acknowledging OPEC’s response in raising output and speeding up the implementation of capacity expansion plans, the participants nevertheless recognised that uncertainties, particularly associated with the level of future oil demand, will remain substantial. This carries additional risks for the level of investments that are necessary along the entire supply chain. The above underlines the importance of greater data transparency and an enhanced exchange of views on trends in supply and demand, future policies and their implications, technology developments and other energy-related issues. Therefore, at this meeting today, the following themes were identified for enhancing cooperation, in the mutual interest of both the EU and OPEC: 5 – Oil market developments, both short and medium-to-long terms; – Energy policies; – Energy technologies; and – Energy-related multilateral issues. Discussions on these themes will be developed through workshops and other meetings which could include, where appropriate, other multilateral organisations, recognising the importance of their work and the need to avoid unnecessary duplication. These exchanges will inform future Dialogue meetings. For the short term, practical work could be developed around the following programme: – A Round Table in the second half of 2005 on oil market developments, with the objective of improving understanding of the functioning of the market, including specifically the effect of trading in futures markets; – A Conference in the first half of 2006 on new technologies, with a particular focus on the capture and storage of carbon dioxide; and – A Round Table in the second half of 2006, to exchange views on energy policy developments, including energy market forecasts and the Commission’s internal energy market observation system, which is under development. The second meeting of the EU-OPEC Energy Dialogue will be held in Vienna at a mutually agreed date.
Composition of the new OPEC Reference Basket Vienna, Austria, 15 June 2005 The 136th (Extraordinary) OPEC Conference having received and deliberated on the Report of the Secretariat on the composition of the new ORB of crude, has approved its implementation with effect from 16 June 2005. The 135th Meeting of the Conference, held in Isfahan, IR Iran, 16 March 2005, approved the recommendation of the BoG and the ECB to change the composition of the ORB, from seven crudes to a more representative Basket composed of 11 MC crude streams. These represent the main export crudes of all MCs, weighted according to production and exports to the main markets. The Conference directed the Secretariat to calculate the new proposed Basket on a trial daily basis in parallel with the current ORB, reporting back on the results to the next Meeting of the Conference, in light of which the Conference would announce the effective date of implementation. The new ORB is made up of the following: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (IR Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF-17 (Venezuela). At present the API gravity for the new Basket is heavier, at 32.7º compared to 34.6º for the previous Basket of seven crudes. In addition, the sulphur content of the new ORB is more sour at 1.77 per cent, compared to the previous Basket of 1.44 per cent. The new ORB better reflects the average quality of crude oil in OPEC MCs. 136th (Extraordinary) Meeting of the OPEC Conference Vienna, Austria, 15 June 2005 The 136th (Extraordinary) Meeting of the OPEC Conference convened in Vienna, Austria, on 15 June 2005, under the Chairmanship of its President, Sheikh Ahmad Fahad Al- Ahmad Al-Sabah, Minister of Energy of the State of Kuwait and Head of its Delegation, and its Alternate President, Dr Edmund M Daukoru, Nigerian Presidential Adviser on Petroleum 5
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 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 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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