OPEC th International Seminar Petroleum: An Engine for Global Development 3–4 June 2015 Hofburg Palace Vienna, Austria Contact: 50 +44 7818 598178 www.opecseminar.org
[email protected] Case for cooperation never stronger When OPEC’s Oil and Energy Ministers gathered in Vienna for the But there are some pertinent facts to consider here. As OPEC 166th Meeting of their Ordinary Conference towards the end of Secretary General, Abdalla Salem El-Badri, pointed out at the press November, they were confronted by the largest assembly of jour- conference — for the past few years, the Organization has more nalists, photographers and analysts the Organization’s relatively- or less been producing what it said it would — 30m b/d. That has new Headquarters in the Austrian capital’s historic First District been the call on the Organization’s oil and that is what its Members Commentary has ever seen. In fact, such was the response to the end-of-year have produced — and will continue to produce in the first half of Ministerial talks that the customary ‘meet and greet’ of the Ministers, 2015. The epitome of stability, one would say. But what of the oil held especially for the media ahead of the plenary session, had to producers outside the Organization? Again the OPEC communiqué: be staggered for safety reasons. “… although world oil demand is forecast to increase during the For the past few years OPEC Ministerial Meetings have, by year 2015, this will, yet again, be offset by the projected increase comparison, been quite muted affairs, as far as the international of 1.36m b/d in non-OPEC supply … giving indications of an ex- press is concerned.