2002 - OPEC

In view of the uncertainties and the seasonal, low demand in the second quarter, Member Countries
strongly emphasized their firm commitment to their Agreements of November and December 2001, until
June 30, 2002, and expressed commitment to continue maintaining full compliance. They further urged
non-OPEC producers/exporters to continue to co-operate in efforts to maintain market stability.
The Conference agreed that market conditions should continue to be closely monitored and decided
to hold an Extraordinary Meeting of the Conference in Vienna, Austria, on Wednesday, June 26, 2002,
in order to review the situation.
The Conference expressed its appreciation to the Government of the Federal Republic of Austria and
the authorities of the City of Vienna for their warm hospitality and the excellent arrangements made
for the Meeting.
The Conference passed Resolutions that will be published on April 15, 2002, after ratification by
Member Countries. The next Ordinary Meeting of the Conference will be convened in Vienna, Austria,
on Wednesday, September 18, 2002.
Press Release No 7/2002, Vienna, Austria, June 26, 2002
120 th (Extraordinary) Meeting of the OPEC Conference
The 120 th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting
Countries convened in Vienna, Austria, on June 26, 2002, under the Chairmanship of its President,
HE Dr Rilwanu Lukman, Presidential Adviser on Petroleum & Energy of Nigeria and Head of its Delegation.
The Conference extended its deepest condolences to the Government and people of the Islamic Republic
of Iran for the terrible loss they have suffered as a consequence of the disastrous earthquake that
struck the country last week.
The Conference considered the report of the Ministerial Monitoring Sub-Committee, and thanked the
Sub-Committee Members for their continuous endeavours on behalf of the Organization.
Having reviewed the oil market situation as well as supply/demand prospects for the second
half of the year, the Conference noted that OPEC reduction measures during 2001 and 2002,
supported by similar measures from some non-OPEC producers over the first half of the year,
had restored relative market balance, but observed that the relative strength in current market
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