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September 2006 September 2006 — A special month for OPEC? Commentary September 2006 was a special and a not-so-spe- pants included Ministers from OPEC’s 11 Member discourse, and the Editorial Board, together with cial month for OPEC. Countries and other oil-producing and oil-consum- a newly designated General Academic Editor, Especially the second week. ing nations, top officials from intergovernmental the renowned energy specialist Professor Sadek This began with the 142nd Meeting of our bodies, chief executives of national and interna- Boussena, is part of the revamped administrative Conference on the Monday, at our Secretariat in tional oil companies, and renowned academics. structure. OPEC considers it extremely important Vienna, where the focus, at least as far as the out- Around 40 presentations later, Dr Daukoru to have its own acclaimed academic journal, to side world was concerned, was on the near-term concluded the two-day event on the Wednesday demonstrate to the world at large how seriously it outlook for the market. In the light of the sub- with the overriding message that “fossil fuels dur- takes the need to access the very latest high-qual- stantial moderation in oil prices in the preceding ing the so-called new energy era will continue to ity research to provide an intellectual base to its weeks, the Conference adopted a cautious, watch- dominate the global energy mix and will continue actions in the market and elsewhere. ful approach, by agreeing that “Member Countries to be vital for supporting the forecast expansion And the Friday? Well, everyone needs time to would take the necessary steps to ensure that sup- in global economic growth, which, under normal recover! ply and demand remained in balance, with prices conditions should stay robust.” But even more was to come in the third week at reasonable levels, supplying to the market the Full details of both the Conference and the of September. This saw top OPEC officials partici- needed volumes.” At the same time, it “stressed its Seminar can be found in this issue of the OPEC pate in two high-level meetings in Saudi Arabia on determination to ensure that crude oil prices re- Bulletin. an issue which is gripping the global consciousness main at acceptable levels and Member Countries It is clear from these two important events how more than almost any other at the present time recorded their preparedness to respond rapidly to much OPEC cares about the welfare of the inter- — climate change. One was the First International any developments which might jeopardize their national oil market, for both now and the future, Conference on the Clean Development Mechanism interests.” Otherwise, the Conference would wait and the lengths to which it will go to ensure order and the other a Roundtable on Carbon Capture and until December’s Extraordinary Meeting in Nigeria, and stability at all times, to the benefit of produc- Storage organised jointly by the European Union before taking any market-related decisions that ers and consumers alike. and OPEC as part of the wide-ranging energy dia- might then be considered necessary. But the story does not end here! OPEC goes logue they established last year. This demonstrated Tuesday saw the opening of the Third OPEC even further than this. the importance OPEC attached to multilateral is- International Seminar at the historic Hofburg Palace For a less-heralded, but, in its own way, equally sues which relate to the provision of modern ener- in Vienna, and here the emphasis was on longer- significant event occurred at the Secretariat on the gy services, with particular emphasis on the needs term issues, as was clear from its title, ‘OPEC in a Thursday. This was the first meeting of the newly of developing countries, sustainable development, New Energy Era: Challenges and Opportunities’. As constituted Editorial Board of the Organization’s and the eradication of poverty. OPEC Conference President, Dr Edmund Maduabebe specialist quarterly academic journal, the OPEC Clearly, with all of this happening, September Daukoru, said in his welcoming address: “This Review. As many readers know, OPEC has been 2006 was a special month for OPEC. theme has been chosen … to reflect the fact that producing this subscriber journal for 30 years But was it really so special? there have been fundamental changes to both the and, during this period, it has established itself After all, OPEC was merely doing what it has character and the dynamics of the world energy in- as a respected scholarly publication, offering its been doing for decades — actively caring for the dustry since the turn of the century, and that this global readership high-quality papers on energy welfare of the oil market. The only difference to may, in turn, affect the way the industry address- economics. Next year, it will be relaunched, to en- normal was that all this was happening within the es the challenges that lie before it.” The partici- hance its effectiveness as a channel for academic space of one very hectic month. Conference Notes 4 OPEC Conference calls on non-OPEC producers to step up cooperation in controlling output OPEC’s message on importance of security of supply “finally getting through” (p14) OPEC Conference observers pledge continued support for OPEC decisions (p16) Contents Al Hamli elected Conference President for 2007 (p18) Khelil elected Alternate Conference President (p19) Appointments 20 Dr Hussain Al-Shahristani – new Iraqi Oil Minister (p20) Sheikh Ali Al-Jarrah Al-Sabah – Kuwait’s new Minister of Energy Dr Shokri Ghanem – appointed by Libya (p21) OPEC International Seminar 22 Welcoming address: Dr Edmund Maduabebe Daukoru, Nigeria Session One: Global energy outlook: what are the challenges ahead? Chairman: Abdullah Bin Hamad Al Attiyah, Qatar (p26) Speakers: Andris Kesteris, EU; Mohammed S Barkindo, OPEC; Rafael Ramirez, Venezuela; Arne Walther, IEF; Rodrigo de Rato y Figaredo, IMF Day 1 Session Two: Oil production capacity expansion Chairman: Odd Roger Enoksen, Norway (p32) Speakers: Dr Chakib Khelil, Algeria; Ali I Naimi, Saudi Arabia; Funsho Kupolokun, NNPC; Christophe de Margerie, Total Session Three: Downstream challenges and opportunities Chairman: Mohamed Bin Dhaen Al Hamli, UAE (p40) Speakers: Claude Mandil, IEA; Dr Shokri Ghanem, Libya; Guoqiang Tang, China; Jeroen van der Veer, Royal Dutch Shell; Dr Martin Bartenstein, Austria Publishers Membership and aims OPEC OPEC is a permanent, intergovernmental Organization of the Petroleum Exporting Countries Or gan i za tion, established in Baghdad, September Obere Donaustrasse 93 10–14, 1960, by IR Iran, Iraq, Kuwait, Saudi 1020 Vienna, Austria Arabia and Venezuela. Its objective is to co- Telephone: +43 1 211 12/0 ordinate and unify petroleum policies among OPEC bulletin OPEC Telefax: +43 1 216 4320 Member Countries, in order to secure fair Public Relations & Information and stable prices for petroleum producers; Department fax: +43 1 214 9827 an efficient, economic and regular supply of E-mail: [email protected] petroleum to consuming nations; and a fair return Cover shows the Hofburg Congress Centre, the venue of the on capital to those investing in the industry. Third OPEC International Seminar on OPEC in a new Web site: www.opec.org The Organization now comprises 11 Members: energy era: challenges and opportunities, held in Visit the OPEC Web site for the latest news and infor- Qatar joined in 1961; Indonesia and SP Libyan AJ Vienna, Austria, from September 12–13, 2006 (see mation about the Organization and back issues of the (1962); United Arab Emirates (Abu Dhabi, 1967); pp22–87). OPEC Bulletin which is also available free of charge Algeria (1969); and Nigeria (1971). Ecuador in PDF format. joined the Organization in 1973 and left in 1992; Vol XXXVII, No 5, September/October 2006, ISSN 0474–6279 Hard copy subscription: $70/year Gabon joined in 1975 and left in 1995. Session Four: Role of petroleum technology advances Chairman: Fernando Canales Clariond, Mexico (p48) Speakers: Guy Caruso, EIA; Abdallah S Jum’ah, Saudi Aramco; Rex W Tillerson, ExxonMobil; Olivier Appert, IFP; Robin West, PFC Energy Session Five: Petroleum and sustainable development Day 2 Chairman: José Antonio Ocampo, UN (p54) Speakers: Shri Murli Deora, India; Suleiman Jasir Al-Herbish, OPEC Fund; David J O’Reilly, Chevron; Nasarudin Md Idris, Petronas Panel Discussion: The role of OPEC in a new energy era Chairman: Dr Purnomo Yusgiantoro, Indonesia (p60) Panel members: Sayed Kazem Vaziri Hamaneh, Iran; Hussain Al- Shahristani, Iraq; Mohamed Bin Dhaen Al Hamli, UAE; Dr Alí Rodríguez Araque, Venezuela; Sadek Boussena, Algeria; Martin Marmy, IRU; Paolo Scaroni, Eni; Ian Taylor, Vitol Group; Professor Peter Odell, 2006 OPEC Award Recipient Closing comments: Dr Edmund Maduabebe Daukoru (p70) Interview 72 “Let the best man win!” — Dr Shokri Ghanem Spotlight 74 OPEC’s evolving role in a new energy era — Álvaro Silva Calderón OPEC Award ceremony 78 Award recipient: Market Review 88 Professor Peter Odell Noticeboard 106 OPEC Publications 108 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contri butions on Editor-in-Chief HE Dr Edmund Maduabebe Daukoru Dr Omar Farouk Ibrahim the technical, financial and en vi ronmental aspects Acting for the Secretary General Senior Editorial Co-ordinator Mohammed S Barkindo of all stages of the energy industry, including letters Ulunma Angela Agoawike Director, Research Division for publication, research reports and project descrip- Editor Dr Hasan Qabazard tions with supporting illustrations and photographs. Jerry Haylins Head, Administration & Human Resources Department Associate Editors Alejandro Rodriguez Keith Aylward-Marchant Head, Energy Studies Department Editorial policy Edward Pearcey Mohamed Hamel The OPEC Bulletin is published by the PR & Informa- James Griffin Head, PR & Information Department tion Department. The contents do not necessarily Production Dr Omar Farouk Ibrahim Diana Lavnick reflect the official views of OPEC nor its Mem ber Coun- Head, Petroleum Market Analysis Department Design Mohammad Alipour-Jeddi tries.
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