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February 2007 Edition of the OPEC Bulletin

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February 2007 Edition of the OPEC Bulletin OPEC–IEA: harmony breaks the mould C o m m e n t a r y ublic perceptions are often at variance with reduced the impact of Hurricane Katrina on already P behind-the-scenes reality. jittery international oil markets in 2005. Annual joint History can also have a part to play — as can people’s workshops provide important insights into key topical inability, or even unwillingness, to move on. issues, such as investment and demand. Both sides Nobody would pretend that OPEC and the have been active in the establishment and develop- International Energy Agency see eye-to-eye on every ment of the influential producer/consumer dialogue issue. body, the International Energy Forum, as well as of the They were, in essence, set up according to contrast- groundbreaking associated Joint Oil Data Initiative. ing agendas. OPEC was established in 1960 to reflect On the environmental front, OPEC and the IEA agree the concerns of oil-producing developing countries, that, since fossil fuels will continue to dominate the while the IEA was formed 14 years later to represent energy mix in the foreseeable future, clean fuel tech- the interests of oil-consuming advanced economies. nologies must be better developed to address envi- But their patterns of development have not been ronmental concerns. Among these technologies is the restricted by the moulds in which they were created. considerable potential offered by carbon capture and Those moulds reflected contemporary values and con- storage. On top of this, OPEC is a member of the for- cerns. ward-looking IEA Greenhouse Gas R&D Programme. The oil industry has moved on since then, so much Generally, informal exchanges of information on so that some people might say that the only thing in a wide range of energy and related issues facilitate common between now and three or four decades ago the day-to-day activities of each group, in often unh- has been the task of extracting crude oil from the eralded but significant ways. ground, processing it and getting it to the consumer! The enhanced relations between the two groups A visit to the OPEC Secretariat by IEA Executive and the positive outcome of this are hardly surprising, Director, Claude Mandil on January 12 — featured in bearing in mind the challenges they share in ensuring this issue — highlighted the convergence that has tak- that consumers receive energy in a timely, sufficient en place between the two intergovernmental groups and satisfactory manner in the future. Reputable fore- in many important areas in recent years. casters agree that world energy demand will continue As Mandil said during his visit, there was an in- to rise for years to come, sharpening up these chal- creasing similarity in goals, “with both organisations lenges and underlining the need for a sound, sustained striving to enhance the predictability, reliability and process of dialogue and cooperation, involving all re- stability of the oil market.” sponsible parties. This has manifested itself in clearcut practical ac- As OPEC Secretary General Abdalla Salem El-Badri tions, reflecting the growing harmony between the two said at last month’s meeting in Vienna: “At the end of sides in handling issues affecting the world oil indus- the day, there is no way we can reach our objectives try at large. All parties have benefited from this. unless we cooperate with each other.” He couldn’t Timely high-level discussions, for example, greatly have said it any better! Interview 4 C o n t e n t s Abdalla Salem El-Badri — OPEC’s SG on his new assignment Energy Dialogue 10 OPEC in the driving seat OPEC and the IEA Interview: OPEC–IEA Shutterstock bridge petroleum divide (p16) A maturing relationship (p20) Publishers Membership and aims OPEC OPEC is a permanent, intergovernmental Organization of the Petroleum Exporting Countries Organization, established in Baghdad, September Obere Donaustrasse 93 10–14, 1960, by IR Iran, Iraq, Kuwait, Saudi Arabia 1020 Vienna, Austria and Venezuela. Its objective is to co-ordinate Telephone: +43 1 211 12/0 and unify petroleum policies among Member OPEC bulletin Telefax: +43 1 216 4320 Countries, in order to secure fair and stable prices Public Relations & Information for petroleum producers; an efficient, economic and Department 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 Cover This month’s cover shows the OPEC Secretariat build- the industry. The Organization now comprises 12 ing in Vienna. New Secretary General, Abdalla Salem Web site: www.opec.org Members: Qatar joined in 1961; Indonesia and SP El-Badri (inset), is committed to strengthening the Visit the OPEC Web site for the latest news and infor- Libyan AJ (1962); United Arab Emirates (Abu Dhabi, Organization’s activities (see pp4–9). mation about the Organization and back issues of the 1967); Algeria (1969); Nigeria (1971); and Angola OPEC Bulletin which is also available free of charge (2007). Ecuador joined the Organization in 1973 in PDF format. and left in 1992; Gabon joined in 1975 and left in Vol XXXVIII, No 2, February 2007, ISSN 0474–6279 Hard copy subscription: $70/year 1995. Profile 24 Reuters Angola takes seat in OPEC boardroom Newsline 30 News update from OPEC Member Countries Reuters OPEC Fund News 34 Water resource: managing scarcity Shutterstock in the midst of plenty Market Review 40 Secretary General’s Diary 60 Noticeboard 62 OPEC Publications 64 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Editor-in-Chief Dr Omar Farouk Ibrahim Abdalla Salem El-Badri the technical, financial and environmental aspects Director, Research Division Senior Editorial Co-ordinator of all stages of the energy industry, including letters Ulunma Angela Agoawike Dr Hasan M Qabazard for publication, research reports and project descrip- Editor Head, Administration & Human Resources Department tions with supporting illustrations and photographs. Jerry Haylins Alejandro Rodriguez Associate Editors Head, Energy Studies Department Keith Aylward-Marchant Mohamed Hamel Editorial policy James Griffin Head, PR & Information Department The OPEC Bulletin is published by the PR & Informa- Production Dr Omar Farouk Ibrahim tion Department. The contents do not necessarily Diana Lavnick Design Head, Petroleum Market Analysis Department reflect the official views of OPEC nor its Member Coun- Mohammad Alipour-Jeddi Elfi Plakolm tries. Names and boundaries on any maps should not Photographs (unless otherwise credited) Senior Legal Counsel be regarded as authoritative. No responsibility is tak- Diana Golpashin Dr Ibibia Lucky Worika Head, Data Services Department en for claims or contents of advertisements. Editorial Fuad Al-Zayer material may be freely reproduced (unless copyright- Head, Office of the Secretary General ed), crediting the OPEC Bulletin as the source. A copy Indexed and abstracted in PAIS International Abdullah Al-Shameri to the Editor would be appreciated. Printed in Austria by Ueberreuter Print and Digimedia We’ll strengthen the Secretariat to I n t e r v i e w meet current and future challenges — El-Badri Abdalla Salem El-Badri, OPEC Secretary General When the race for the high-profile post of OPEC Secretary General started in 2003, oil technocrat, Abdalla Salem El-Badri, was fully engrossed in the huge task of governance in his home country, Libya, where, as Deputy Prime Minister, his preoccupation was how to help make the lives of ordinary Libyans more comfortable. It never occurred to El-Badri that three years on, he would be called upon to assume that position. Yet, that was exactly what happened when the OPEC Conference of Ministers, who for three years were searching for a candidate with unanimous acceptance of its Member Countries, found in El-Badri that person. For some of the Ministers, El-Badri is a colleague whose Presidency and Secretary-Generalship of OPEC in the 1990s are recalled with nostalgia. 4 In this interview with the OPEC Bulletin’s Ulunma Angela Agoawike, the very first he has given since his assumption of office, the new Secretary General, who of course is not so new to OPEC, spoke on the challenges before OPEC and the oil industry, shedding some light on OPEC’s position on those issues. hile the headline-grabbing Organization of tives. I think this Organization is great, but there are a lot W the Petroleum Exporting Countries (OPEC), is of challenges ahead.” responsible for meeting about 40 per cent of the world’s oil demand, Abdalla Salem El-Badri, its Libyan-born Wealth of experience Secretary General, is the man on whose shoulders are placed the running of the day-to-day affairs of the El-Badri is not just a cool and calm technocrat, he also has Secretariat of the Organization, which also coordinates a humble disposition, easily noticed, the many exalted the petroleum policies of its Member Countries. positions he had occupied in the past notwithstanding. El-Badri was chosen by OPEC Ministers at the These include three times as Chairman of the Libyan Organization’s 143rd Meeting of the Conference held in the National Oil Corporation (1983–90; 2000 and 2004– Nigerian capital, Abuja on December 14, 2006. Though 2006), as well as Secretary of the People’s Committee for he had held the same position for six months in 1994, Oil and Secretary for the People’s Committee for Energy. when he served as the OPEC Conference President, his And so, talking about the past, it is this wealth of expe- choice was still unexpected but, indeed, welcome. rience he has garnered that he is going to draw heavily Speaking on the unexpectedness of his appointment from as he enters the second month of his three-year to the OPEC Bulletin in his office in Vienna, El-Badri attrib- tenure at the OPEC Secretariat in Vienna.
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