OPEC Long Term Strategy

OPEC Long Term Strategy - Organization of the Petroleum...

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OPEC Organization of the Petroleum Exporting Countries LONG–TERM STRATEGY
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1 OPEC LONG–TERM STRATEGY Foreword The Organization of the Petroleum Exporting Countries (OPEC) was established in Baghdad, Iraq, in September 1960. Its Members are Algeria, Indonesia, the Islamic Republic of Iran, Iraq, Kuwait, Nigeria, Qatar, Saudi Arabia, Socialist People’s Libyan Jamahiriya, the United Arab Emirates and Venezuela. The main guiding texts for the Organi- zation are the OPEC Statute, approved in January 1961, the Solemn Declaration, stemming from the first Summit of OPEC Heads of State, held in Algiers in 1975, and the Caracas Declaration from the Second Summit of OPEC Heads of State, held in Venezuela in 2000. On its 45 th Anniversary, OPEC adopted a comprehensive long-term strategy, on the occasion of its Ministerial Conference Meeting in Vienna, 20 September 2005. The Conference expressed its ap- preciation of the efforts that lie behind the development of this strategy. The Conference thanked HRH Prince Abdulaziz bin Salman Bin Abdulaziz Al-Saud, Chairman of the Meetings of the Deputy Ministers of Petroleum/Energy on Long-Term Strategy; HE Dr Bernard Mommer, Vice-Chairman; all Heads and Members of Delegations to these meet- ings; as well as the Staff of the OPEC Secretariat involved.
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2 This strategy, which was prepared over a period of two and a half years, provides a coherent and consistent vision and framework for the Organization’s future. It recognises the important role of oil in the world economy at large and for the socio-economic development of OPEC Member Countries. The Strategy defines specific objectives and identifies the key challenges the Organization faces now and in the future. Benefiting from a scenario-approach for the energy scene, it is designed to be robust and adaptive throughout the various possible futures. This document provides an overview of the key issues which have been addressed. Vienna March 2006
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3 OPEC LONG–TERM STRATEGY Introduction The OPEC Long-Term Strategy recognises the important role of oil in meeting future global energy demand and for the socio-economic de- velopment of OPEC Member Countries, and provides a coherent and consistent vision and framework for the Organization’s future. The ob- jectives for the Strategy relate to the long-term petroleum revenues of Member Countries, the stability of the world oil market with fair prices, and the security of regular supply to consumers, as well as the security of world oil demand. There are key challenges that may constitute constraints for OPEC in the attainment of the objectives of the Strategy. A major hurdle relates to the uncertainties surrounding future demand for OPEC oil, stemming from, inter alia , future world economic growth, consuming countries’ policies, and technology development, as well as from future non-OPEC production levels. These uncertainties are explored in three internally-consistent scenar-
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OPEC Long Term Strategy - Organization of the Petroleum...

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