The Conference reviewed recent oil market developments, in particular supply/demand projections, as well as the outlook for 2010, and noted that, while the global economy is clearly rebounding from the late 2008 and early 2009 recession
The following is an edited version of the communique released by the
Organization of Petroleum Exporting Countries after its meeting Wednesday:
The 156th Meeting of the Conference of the Organization of the Petroleum
Exporting Countries [OPEC] convened in Vienna, Austria, on March 17 2010, under
the Chairmanship of its President, Germanico Pinto, minister of non-renewable
natural resources of Ecuador and head of its delegation, and its Alternate
President, Masoud Mir-Kazemi, minister of petroleum of the Islamic Republic of
Iran and head of its delegation.
The Conference reviewed recent oil market developments, in particular
supply/demand projections, as well as the outlook for 2010, and noted that,
while the global economy is clearly rebounding from the late 2008 and early
2009 recession, with continued positive signals coming from the manufacturing
and services sectors, serious threats remain.
Downside risks include: the mounting and potentially unsustainable public debt
in the most advanced economies; a degrading fiscal position which might lead
OECD governments to tighten fiscal and monetary policy, despite rising
unemployment; weak demand; persistent global imbalances; and rising
protectionism.
The Conference further noted with concern that, although world oil demand is
projected to increase marginally during the year, this rise will be more than
offset by the expected increase in non-OPEC supply, meaning that 2010 is likely
to witness a decline in the demand for OPEC crude oil for the third consecutive
year.
The persistently high OECD stock levels [estimated to currently stand at 59-61
days of forward cover i.e. well above their five-year average] indicate that
there has been a contra-seasonal stock build in the first quarter 2010 and the
overhang in terms of forward cover is expected to continue throughout the year.
In light of the foregoing, the Conference again decided to maintain the current
oil production ceiling unchanged. Member Countries reiterated their commitment
to their individually agreed production allocations, thereby complying fully
with the decision taken by Oran Conference in December 2008, just as they
reaffirmed their readiness to swiftly respond to any developments which might
place oil market stability in jeopardy.
Given the uncertainty in the macroeconomic environment and world oil demand,
the Secretariat will continue to closely monitor developments in the months
ahead, keeping Member Countries abreast of developments as they occur.
The situation will be reviewed at the next Ordinary Meeting of the Conference,
which is scheduled to be convened in
Vienna
,
Austria
, on
Oct. 14 2010
.
The Conference also decided that, among various events scheduled to mark the
50th Anniversary of the foundation of the Organization, an Anniversary
Symposium would be held on a date to be coordinated between
Iraq
and
the Secretary General.
The Conference listened to an updated presentation on
Ecuador
's
Yasuni-ITT initiative and reiterated its expression of support and interest,
being of the view that this proposal is consistent with the energy and environment-protection
objectives established at the Third Summit of OPEC Heads of State and
Government.
The Conference passed Resolutions that will be published on
April 17 2010
, after ratification by Member
Countries.
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