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August-September 2009 Edition of The He can still find rich pickings here. So can we. Contents www.omv.com OMV Austria Exploration & Production GmbH is the biggest employer in Austria’s wine-growing region Marchfeld. There and in 20 other countries on five continents we’re not just looking for new sources: anyone can do that. Extracting every last drop of oil is what our effort for sustainability is all about. We find oil and gas in fields which were supposedly exhausted decades ago. This active commitment is an important contribution towards ensuring the supply of energy to Austria and Europe. And that’s something not everyone can do. Move & More. ins_bauer_engl_230x280.indd 1 06.03.2009 13:33:59 Uhr An era ends but the challenges remain Commentary As OPEC’s Ministers left the Organization’s Secretariat OPEC will also be looking for meaningful, practical in the early hours of Thursday morning, September 10, support for its market-stabilization measures from non- they knew that this marked the end of an era. OPEC producers. In fact, we had hoped that this would It was the last time they would meet as a Conference have already happened, judging from the many gestures on the premises that have housed the OPEC’s headquar- of solidarity expressed last winter and earlier this year, ters since 1977. when the economic crisis was at its deepest and oil prices However, they also knew that the underlying chal- at their most fragile. lenges facing the oil industry remained, as did the While OPEC has reduced production heavily since Organization’s unflinching resolve in meeting them. last September — which has meant sacrifices from our The fact that OPEC rolled over its production agree- Member Countries, in the interests of the overall good ment, for the third time since it was set up in Algeria last of the market — some other producers have done the op- December, came as no surprise to most people — this had posite and increased output, compromising the impact been widely expected in the build-up to the Meeting. of our measures and eating into our market share. There is, however, still so much uncertainty about This is a matter of much concern to us and runs coun- the outlook for the world economy in the coming months ter to the big advances in dialogue and cooperation that that it is almost impossible to forecast the impact of this have been made since the turn of the century and which on the oil sector. have brought many benefits to the market as a whole. As OPEC has made clear on several occasions recent- We are all in this together — OPEC and non-OPEC ly, we do not want to take measures that risk rocking the alike — as we seek to cope with a crisis not of our mak- boat within the troubled waters of the global economy. ing and whose severity, ubiquity and unpredictability Furthermore, the situation is not helped by so much have no parallel in modern history. indecision over future regulation in the international fi- There is widespread agreement that oil prices should nancial community, as the debates rage on among pow- be at least at today’s levels and preferably a little higher, erful interests in the richer nations and positions become to support investment in the industry and help meet the entrenched. large rises in demand forecast for the coming years. A year has passed since the outbreak of the crisis af- We must also break down, once and for all, the dam- fecting the world’s financial institutions, with the collapse aging boom/bust cycles that have so plagued the industry of Lehman Brothers. There has been much talk during that in the past, to the detriment of all parties. time and not enough concrete action, and high levels of In this way, the industry will be able to provide solid speculation continue to influence oil prices, distorting support to the world economy, as growth picks up again. fundamentals and fuelling volatility. Indeed, the recovery, once it gets into full swing, could OPEC’s Ministers will have another chance to review be quicker and more widespread and substantial than the oil market outlook at the end of this year, when they people expect today, and we must be ready for this. gather at an Extraordinary Meeting of the Conference in Therefore, a unity in approach among all producers, both Angola on December 22. Hopefully, a clearer picture of OPEC and non-OPEC, is essential for the steady development the world economy and energy trends will be in place by of the industry, as well as for sustained order and stability then. in the market. We must all strive to achieve this. Conference Notes 4 C o n t e n t s 154th Meeting of the Conference keeps output ceiling unchanged to assist economic recovery OPEC concerned about stock levels, price volatility (p10) OPEC Ministers optimistic global economy is recovering (p14) Coffee, croissants and candid answers (p18) Keith Aylward-Marchant Keith Ministers hold final Conference in Obere Donaustrase 93 (p20) Forum 22 Global demand uncertainty one of oil industry’s greatest challenges Insight 28 Spotlight 32 Nigerian petroleum industry bill spells Reuters improvement for operational sectors The promise of Arab human development Publishers OPEC Membership and aims OPEC OPEC is a permanent, intergovernmental Organization of the Petroleum Exporting Countries Organization, established in Baghdad, on September Obere Donaustrasse 93 10–14, 1960, by IR Iran, Iraq, Kuwait, Saudi Arabia 1020 Vienna, Austria and Venezuela. Its objective — to coordinate Telephone: +43 1 211 12/0 and unify petroleum policies among its Member Telefax: +43 1 216 4320 Countries, in order to secure fair and stable prices OPEC bulletin Contact: The Editor-in-Chief, OPEC Bulletin for petroleum producers; an efficient, economic and Fax: +43 1 214 9827 regular supply of petroleum to consuming nations; E-mail: [email protected] and a fair return on capital to those investing in the industry. The Organization comprises 12 Members: Cover Web site: www.opec.org Qatar joined in 1961; SP Libyan AJ (1962); United This shows the OPEC Secretariat at Obere Donau- Visit the OPEC Web site for the latest news and infor- Arab Emirates (Abu Dhabi, 1967); Algeria (1969); strasse 93, Vienna, which hosted an Ordinary Meeting of the Conference for the last time on mation about the Organization and back issues of the Nigeria (1971); Angola (2007). Ecuador joined OPEC September 8–9, 2009 (see pp4–19). The Secretariat OPEC Bulletin which are also available free of charge in 1973, suspended its Membership in 1992, and will move to a new site nearby later this year. in PDF format. rejoined in 2007. Gabon joined in 1975 and left in Photo: Keith Aylward-Marchant. 1995. Indonesia joined in 1962 and suspended its Vol XXXX, No 7, August/September 2009, ISSN 0474–6279 Hard copy subscription: $70/year Membership on December 31, 2008. Secretary General’s Diary 34 Newsline 36 Technical Terms 40 Arts & Life 44 A quick guide to some common Shutterstock expressions — Part II Tracing the past, but staying true to today Reflections on the Battle of Aspern-Essling 1809 OPEC Fund News 54 Market Review 58 Noticeboard 78 Secretariat Visits 79 Africans to benefit from Blue Financial Services Ltd Financial Blue micro-enterprise deals OPEC Publications 80 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Editor-in-Chief Abdalla Salem El-Badri Dr Omar Farouk Ibrahim the technical, financial and environmental aspects Director, Research Division Editorial Coordinator In charge of Multilateral Relations Department of all stages of the energy industry, research reports Ulunma Angela Agoawike Dr Hasan M Qabazard and project descriptions with supporting illustrations Editor Head, PR & Information Department and photographs. Jerry Haylins Dr Omar Farouk Ibrahim Associate Editors Head, Petroleum Studies Department Keith Aylward-Marchant, James Griffin, Mohammad Alipour-Jeddi Editorial policy Alvino-Mario Fantini, Steve Hughes General Legal Counsel The OPEC Bulletin is published by the PR & Informa- Arts & Life Contributor Siham Alawami Dr Ibibia Lucky Worika tion Department. The contents do not necessar- Head, Data Services Department Production ily reflect the official views of OPEC nor its Member Diana Lavnick and Andrea Birnbach Fuad Al-Zayer Design & Layout Head, Finance & Human Resources Department Countries. Names and boundaries on any maps Elfi Plakolm In charge of Administration and IT Services should not be regarded as authoritative. No respon- Photographs (unless otherwise credited) Department sibility is taken for claims or contents of advertise- Diana Golpashin Alejandro Rodriguez ments. Editorial material may be freely reproduced Distribution Head, Office of the Secretary General (unless copyrighted), crediting the OPEC Bulletin Mahid Al-Saigh Abdullah Al-Shameri Energy Studies Department as the source. A copy to the Editor would be Indexed and abstracted in PAIS International Dr Fuad Siala, Officer-in-charge appreciated. Printed in Austria by Ueberreuter Print GmbH 154th Meeting of the Conference keeps output ceiling unchanged to assist economic recovery Conference Notes by Jerry Haylins PEC Oil and Energy Ministers, at their 154th Meeting of “Due to the effects of the economic recession, we the Conference in Vienna on September 9–10, agreed to are working on a very thin line and we have to be careful. maintain the status quo with regard to the Organization’s We do not want to take action that could jeopardize the Oproduction ceiling, so as not to interfere with the steady recovery we are seeing at this time,” commented OPEC recovery witnessed in the global economy. Secretary General, Abdalla Salem El-Badri. OPEC OPEC bulletin 8–9/09 4 The Meeting, which was held through the evening into OPEC Conference President Eng José Maria Botelho the early hours, due to the fasting period of Ramadan, de Vasconcelos, Angolan Minister of Petroleum, told the agreed to leave current production allocations in place for news conference that current conditions in the oil market the time being, but with the proviso that Member Countries did not guarantee price stability.
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