2002 - OPEC

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prices is partially a reflection of the prevailing political situation rather than solely the consequence
of market fundamentals.
In light of the foregoing, and the doubts regarding the strength of the world economic recovery, coupled
with uncertainty as to the modest demand growth for the year and the current comfortable stock levels,
the Conference decided to maintain the current agreed production levels until the end of September
2002. Market conditions will, however, continue to be carefully monitored and the Conference reiterated
its commitment to take any further measures, when deemed necessary, to maintain market stability.
The Conference repeated its call on other oil producers/exporters to continue to co-operate with
OPEC in its endeavours to minimize price volatility and maintain market stability in the interests of
producers and consumers.
The Conference expressed its satisfaction at the outcome of the Senior Experts’ Working Group of OPEC
and invited non-OPEC producers, held on June 20, 2002, the second in an ongoing series of experts’
meetings aimed at enhancing effective co-operation between OPEC and non-OPEC producing/exporting
countries.
The Conference decided to appoint HE Alvaro Silva-Calderón of Venezuela as Secretary General of the
Organization with effect from July 1, 2002, until December 31, 2003. The Conference expressed its
deepest appreciation of the services rendered to the Organization by the outgoing Secretary General,
HE Dr Alí Rodríguez Araque, and wished him well in his new position of President of Petróleos de
Venezuela, SA.
The Conference confirmed the date of September 18, 2002, for its 121 st (Ordinary) Meeting.
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.
Press Release No 10/2002, Osaka, Japan, September 9, 2002
121 st Meeting of the OPEC Conference
The 121 st Meeting of the Conference of the Organization of the Petroleum Exporting Countries
(OPEC) convened in Osaka, Japan, on September 19, 2002, under the Chairmanship of its President,