2002 - OPEC

HE Dr Rilwanu Lukman, Nigerian Presidential Adviser on Petroleum & Energy and Head of its Dele-
gation, and its Alternate President, HE Abdullah bin Hamad Al-Attiyah, Minister of Energy & Industry
of Qatar and Head of its Delegation.
The Conference considered the Secretary General’s report, the report of the Economic Commission Board
and the report of the Ministerial Monitoring Sub-Committee (MMSC), which was chaired by HE Bijan
Namdar Zangeneh, Minister of Petroleum of the Islamic Republic of Iran, and various administrative
matters.
Having reviewed the current oil market, the Conference noted that only very moderate global economic
growth rates are expected before year-end, with only normal, seasonal growth in demand being
expected for the fourth quarter. As such, in order to maintain stability in the market, the Conference
decided that agreed production levels would be maintained, in which connection all Member Countries
emphasized their commitment to discipline in implementing agreements and underlined the
importance of full compliance.
Having warmly welcomed high-level representatives from Mexico, the Sultanate of Oman, and the
Russian Federation, the Conference again highlighted the importance of strengthening effective co-
operation with all non-OPEC producing countries in the interests of achieving lasting stability in the
oil market and prices.
The Conference reiterated that OPEC is committed to continuing to monitor the market and to taking
any further measures, including the convening of Extraordinary Meetings, when deemed necessary, as
has been done in the past, to maintain prices within the range of $22–28/b.
With this in mind, the Conference agreed to meet again in Vienna, Austria, on December 12, 2002, in
order to review the situation. The Conference also decided that its next Ordinary Meeting will convene
in Vienna, Austria, on March 11, 2003.
The Conference elected HE Abdullah bin Hamad Al Attiyah, Minister of Energy & Industry of Qatar and
Head of its Delegation, as President of the Conference, and HE Dr Purnomo Yusgiantoro, Minister of
Energy & Mines of Indonesia and Head of its Delegation, as Alternate President, for one year with
effect from January 1, 2003.
The Conference appointed Mr Saif Bin Ahmed Al-Ghafly, Governor for the United Arab Emirates,
as Chairman of the Board of Governors (BoG) for the year 2003, and Dr Gloria Mirt Hernandez,
Governor for Venezuela, as Alternate Chairman for the same period, with effect from January 1, 2003.
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