Jun 2008 - OPEC

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Visit OPEC bulletin 6/08 4 OPEC Secretary General visits Venezuela, Ecuador PDVSA In continuation of his working visits to Member Countries, OPEC Secretary General, Abdalla Salem El-Badri, was in the Bolivarian Republic of Venezuela and the Republic of Ecuador last month (May 18–25). In Venezuela, El-Badri met with President Hugo Chavez Frías, while later, in Ecuador, he held talks with President Rafael Correa. By Omar Farouk Ibrahim El-Badri’s meeting with President Chavez in Venezuela covered a number of topics, including the current oil market situation and the positive relationship between Venezuela and the OPEC Secretariat. It also served as a follow-up on some of the issues contained in the three Declarations of the OPEC Summits of Heads of State and Government, which were adopted in Algiers in 1975, Caracas in 2000, and Riyadh in 2007. Receiving the Secretary General and his delegation at his residence, President Chávez commended El-Badri for his contribution to the development of OPEC — from his days as Libya’s Oil Secretary to his current position as Secretary General. He reiterated the need for greater cooperation among OPEC Member Countries in other areas like technology, industry, and finance, emphasizing that “our Member Countries need to go beyond bilateral cooperation to a multilateral framework on these issues.’’ The President advised the Secretary General to work to ensure that the decisions contained in the Summit Declarations were implemented, while, at the same time, assuring him of the continuous support of Venezuela to OPEC. In his response, El-Badri said that Venezuela, one of the five founding Members of OPEC, has been very sup-
Venezuelan Ministry of Energy & Petroleum Right: Rafael Correa, President of Ecuador, with Abdalla Salem El-Badri, OPEC Secretary General, during his trip to Ecuador. portive of the Organization, noting that its response to the annual questionnaires sent from the OPEC Secretariat have, in recent years, been comprehensive and timely. Briefing the President on the current oil market situation, the Secretary General said that the crude oil market remains well supplied, with OECD stocks standing above their five-year average. He expressed concern about the volatility that has characterized the market in recent times, noting that non-fundamentals are now the major drivers of the oil market. While assuring that OPEC will continue to strive to bring stability to the market, he also called on other stakeholders in the industry — consumers, investors and producers — to cooperate to find a lasting solution to the volatility. Ecuadorian Ministry of Mines and Petroleum Left: Hugo Chávez Frías, President of the Bolivarian Republic of Venezuela, welcomes Abdalla Salem El-Badri, OPEC Secretary General, during his visit to Venezuela. OPEC bulletin 6/08 5
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Page 11 and 12: Esam Al Khalifa The visiting Secret
Page 13 and 14: need to deal collectively with the
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Page 17 and 18: Human resources he global energy sy
Page 19 and 20: Key findings of the survey conducte
Page 21 and 22: tive; to do something more innovati
Page 23 and 24: CCS: Facing up to the future “Of
Page 25 and 26: The In Salah gas project in Algeria
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Page 29 and 30: OMV, with a market capitalization o
Page 31 and 32: three pieces of the integrated proj
Page 33 and 34: From its own strategic vision for 2
Page 35 and 36: Above (l-r): Gerhard Roiss, OMV Dep
Page 37 and 38: By Steve Hughes In energy industry
Page 39 and 40: from across the region and to turn
Page 41 and 42: of an increasingly office-bound wor
Page 43 and 44: The OPEC Award for Journalism — N
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Page 47 and 48: Jose Hidalgo In his remarks, Häupl
Page 49 and 50: 1926. In going to the leader of the
Page 51 and 52: looking to establish cooperation on
Page 53 and 54: The institution honoured its pledge
Page 55 and 56: nickel prices dropped by 7.4 per ce
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that has been hit by slower economi
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Table A: World crude oil demand/sup
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Graph 1: Evolution of the OPEC Refe
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Table and Graph 6: Caribbean market
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