2005 - OPEC

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The Conference considered the report of the MMSC, whose Members the Conference again thanked for their untiring efforts on behalf of the Organization, as well as other presenta- tions. Having reviewed the oil market situation, the Conference observed that the market has been well supplied and commercial stocks, especially of crude oil, have been building, in terms of absolute levels and forward days’ cover. This is due to OPEC’s prompt responses and willingness to provide the market, if and when needed, with the required supplies. The Conference further considered the outlook for 2006 and noted that the ceiling adopted by OPEC in its 136th (Extraordinary) Meeting in June 2005 of 28 mb/d (excluding Iraq) will be adequate, if fully observed, to balance the market for the first quarter of the year. However, in view of the supply/demand outlook for the second and third quarters 2006, when demand is seasonally lower, thus requiring reduced supplies from OPEC to balance the market, the Ministers and Delegates at the 138th (Extraordinary) Meeting of the OPEC Conference in Kuwait. 4
Conference decided to convene an Extraordinary Meeting in Vienna, Austria, on 31 January 2006, in order to review the situation and take the appropriate decisions on production levels for the second and third quarters of the year. The Conference also reconfirmed that its next Ordinary Meeting will convene in Vienna, Austria, on 8 March 2006. In taking the foregoing decision, the Conference reaffirmed the Organization’s determination to take all measures deemed necessary to keep market stability and maintain prices at reasonable levels through the provision of adequate supplies, as it has demonstrated repeatedly in the past, including the recent offer to make its additional capacity of 2 mb/d available for three months, an offer that expires on 31 December 2005 and which, the Conference noted, had not been taken up by the market because it is so well-supplied. The Conference reiterated its call on consumers and the industry to join efforts to alleviate the refinery bottlenecks which are the main engine driving prices in a market which is well- supplied with crude oil and, in this regard, welcomed the recommendation made by the recent 2nd Ministerial Meeting of the EU-OPEC Energy Dialogue to undertake joint studies on refining and futures markets. In this regard, the Conference also agreed that, with a view to reassuring the market about future availability of production capacity, the Organization will, henceforth, publish information relating to MCs’ capacity expansion plans, investment in downstream projects, as well as other relevant information. The issue of the appointment of the Secretary General having been deferred until the next Ordinary Meeting of the Confer- ence, the incoming President of the Conference, Dr Edmund M Daukoru, Minister of State for Petroleum of Nigeria, will assume the responsibilities of the Secretary General from 1 January 2006, in accordance with the provisions of Resolution No. 128.406. The Conference paid tribute to the services of its outgoing President, Sheikh Ahmad Fahad Al-Ahmad Al-Sabah, Minister of Energy of the State of Kuwait and Head of its Delegation, expressing particular appreciation of his also shouldering the responsibilities of Secretary Gen- eral of the Organization during the year 2005, and thanked Dr Adnan Shihab-Eldin, the OPEC Secretariat’s Director, Research Division, for his excellent conduct of the day-to-day affairs of the Secretariat, as Acting for the Secretary General, during the same period. The Conference approved the Budget of the Organization for the year 2006. The Conference expressed its sincere gratitude to His Highness Sheikh Jaber Al-Ahmed Al-Jaber Al-Sabah, Emir of the State of Kuwait, and His Highness Sheikh Saad Al-Abdallah Al-Sabah, Crown Prince of Kuwait, as well as the government and people of the State of Kuwait, for having hosted the Meeting and for the friendly welcome extended to the Conference and all Delegates. The Conference also recorded its appreciation to His Highness Sheikh Sabah 5
Page 4 and 5:
Organization of the Petroleum Expor
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Foreword There are many words that
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As an industry we have to be inclus
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OPEC in the World Economy In 2005,
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significantly supported by savings
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The largest country in the region,
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$510.5 billion in revenues, compare
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Oil Market Developments OPEC produc
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Figure 1: Year-on-year percentage c
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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
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 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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