At the 164th Meeting of the OPEC Conference in Vienna, HE Mustafa Jassim Mohammad Al-Shamali, Deputy Prime Minister and Minister of Oil of Kuwait, Chairman of the Kuwait Petroleum Corporation and President of the Conference made the following opening remarks.
The global market
‘In the six months that have passed since the Conference met here in Vienna in May, we have seen an increasingly stable oil market, which is a reflection on the gradual recovery in the world economy. This positive development stems mainly from a healthy performance in the US, in addition to the Eurozone countries returning to growth. Emerging economies are expected to follow this trend, led by China and Brazil.
‘Global economic growth in 2014 is projected to increase to 3.5% from 2.9% in 2013. World oil demand growth is forecast to mirror this economic improvement, rising by 1 million bpd over 2013. Non-OPEC oil supply is also expected to rise in 2014 by 1.2 million bpd. This will be mainly due to the anticipated growth in North America and Brazil.
‘The OPEC Reference Basket has remained stable over the past half year, averaging over US$ 150 /bbl from June to November.
‘These statistics show us that, although the market has started to gradually emerge from the tough economic situation of the past few years, the pace of world economic growth remains slow. Clearly, these are still many challenges to overcome.’
Climate change and the future
‘The latest round of climate change negotiations has just recently concluded in Warsaw.'
‘Our goal is the full, effective and sustained implementation of the United Nations Framework Convention on Climate Change. However, success will only come through comprehensive, transparent, inclusive and country driven negotiations that account for the interests of all Parties involved.’
‘Our meeting will highlight the importance of achieving market stability, which benefits all stakeholders and contributes to economic growth worldwide.’
‘Only through dialogue and collaboration with consumers, non-OPEC producers, oil companies and investors can we reach our common goal.’
Adapted from a speech by Claira Lloyd.
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