OPEC's Official Statement."The 128th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries convened in Vienna, Austria, on 4th December 2003, under the Chairmanship of its President, HE Abdullah Bin Hamad Al-Attiyah, Second Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. and Minister of Energy & Industry of Qatar, and Head of its Delegation.
"The Conference welcomed the newly appointed Nigerian Presidential Advisor on Petroleum & Energy, HE Dr. Edmund Maduabebe Daukoru, as Head of its Delegation, and recorded its deep appreciation of the services rendered to the Organization and the Conference by his predecessor in office, HE Dr. Rilwanu Lukman Rilwanu Lukman was the OPEC Secretary General from 1 January 1995 to 31 December 2000. He hails from Zaria in Kaduna State of Nigeria.
Dr. Lukman is currently on the board of Afren Plc, a leading independent exploration and production company. .
"The Conference considered the report of the Ministerial Done under the direction of a supervisor; not involving discretion or policymaking.
Ministerial describes an act or a function that conforms to an instruction or a prescribed procedure. It connotes obedience. Monitoring Sub-Committee and, once again, thanked the Sub-Committee Members for their untiring efforts on behalf of the Organization.
"Having reviewed the oil market situation, including the overall demand/supply expectations for the remainder of the year 2003 and the first half of 2004, as well as the outlook for the oil market in the medium term, and having observed that, despite upward revisions in oil demand estimates, the crude oil market is well-supplied, allowing replenishment replenishment
the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. of commercial oil stocks to continue in recent months, the Conference decided to maintain currently agreed production levels until further notice. In this connection, the Conference reiterated its call on Member Countries to ensure strict compliance with agreed production levels.
"Whilst noting, further, the relative strength in current market prices, with the price of the OPEC Reference Basket The OPEC Reference Basket (ORB), also referred to as the OPEC Basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. having fluctuated around the upper limit of the OPEC OPEC: see Organization of Petroleum Exporting Countries.
in full Organization of the Petroleum Exporting Countries
Multinational organization established in 1960 to coordinate the petroleum production and export policies of its price band in recent weeks, the Conference acknowledged that this is partially a reflection of prevailing geopolitical ge·o·pol·i·tics
n. (used with a sing. verb)
1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation.
a. concerns and, therefore, warrants continued careful observation.
"In this connection, the Conference also noted, with some concern, the decline in the purchasing power Purchasing Power
1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase.
2. of the barrel as a result of current US dollar weakness vis-a-vis other major currencies.
"Moreover, taking into consideration the market outlook for 2004, in particular the second quarter, when the projected significant supply over-hang is expected to exert considerable pressure on oil prices, a situation requiring continuous monitoring and close assessment, the Conference reaffirmed its firm determination to take any measures, when deemed necessary, to maintain market stability and avoid price fluctuations.
"With this in mind, the Conference decided to convene CONVENE, civil law. This is a technical term, signifying to bring an action. an Extraordinary Meeting in Algiers, Algeria, on 10th February 2004 to consider adjustments in OPEC production.
"The Conference decided that, from 1st January 2004, the President of the Conference (Indonesian Energy and Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals
natural resource, natural resources - resources (actual and potential) supplied by nature Minister Purnomo Yusgiantoro) shall assume the responsibilities of the Secretary General, until such time as a new Secretary General has been elected.
"The Conference extended its thanks to the outgoing Secretary General, HE Dr. Alvaro Silva-Calderon, whose services to the Organization were greatly appreciated.
"The Conference appointed Mr. Ivan A. Orellana, Governor for Venezuela, as Chairman of the Board of Governors for the year 2004, and Mr. Hamid Dahmani, Governor for Algeria, as Alternate Chairman for the same period, with effect from 1st January 2004.
"The Conference resolved that its next Ordinary Meeting will convene in Vienna, Austria, on 31st March 2004. The Conference further decided to convene an Extraordinary Meeting in Beirut... on Thursday, 3rd June 2004..."