Omooba77:
I hope madam Dezani will use her position wella.....

nora544:


The so-called OPEC President is actually only the President of the Ministerial Conference and appointed as such only to chair the meeting at which he was elected . He reserves the office until the next meeting of the Conference of Ministers ( the statutes according held every six months ) .

the man who has something to say is the secretary of the opec.

Omooba77:

When she didn't get it few months ago;many were laughing.Now that she has it;we want to down play it.

The supreme bodies of OPEC are :

The Ministerial Conference
Each Member State is represented in this most important decision-making body by the authorities responsible for oil industry and energy ministers of the government. Each Member State is weighted equally ( one vote) . For valid decisions a quorum of three-fifths required (currently eight out of twelve members ) , for all material decisions ( thus all questions except procedural matters ) unanimity is required. The conference far remained full members can spruchen impressive regards decisions taken in arrears and thus prevent . On a proposal from the Conference Non-members may be invited as observers to the conference. During the conference, a delegate ( minister) is elected President , who shall chair and retains the title until the election of his successor at the next regular meeting . The Conference shall determine the objectives and policies of the organization and determine their strategy can only institution to change the statutes, decide on the membership and chooses the other essential organs. In addition, a general clause specifies all the skills of the organization that were not assigned expressis verbis other organs within the jurisdiction of the Ministerial Conference. The venue is usually the headquarters of the organization in Vienna.

The Board of Governors
Each Member State shall appoint a governor for two years in the Board of Governors ( the Ministerial Conference in this respect a veto ) . The Board of Governors shall in the principles laid down by the Ministerial Conference policy of the organization in order , prepares the budget of the Organization and shall make recommendations to the Ministerial Conference. The Board of Governors shall meet at least two annual meetings .

the Secretariat
The Secretariat is responsible for the executive branch of the organization in accordance with the Articles of Incorporation and observation by the Board of Governors. It consists of the General, and the necessary staff to accomplish its tasks .

In addition, there also the following organs:

Secretary General
The Secretary-General is in accordance with the statutes of the official representative and the senior officials of the Organization . He coordinates the activities of the organization in accordance with the instructions of the Ministerial Conference. The Ministerial Conference shall appoint the GS proposed by the Member States for a period of three years , renewable once is possible. The GS is supported in carrying out its activity by a staff of employees , including two directors ( that of the Research Division and that of the Support Services Division ) and the seven department heads.

In addition, a Legal Counsel (General Legal Council) as well as an Internal Auditor ( Auditor ) were established

The so-called OPEC President is actually only the President of the Ministerial Conference and appointed as such only to chair the meeting at which he was elected . He reserves the office until the next meeting of the Conference of Ministers ( the statutes according held every six months ) .

OPEC 166th Meeting concludes

No 7/2014
Vienna, Austria
27 Nov 2014
The 166th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Thursday, 27th November 2014 under the Chairmanship of its President, HE Abdourhman Ataher Al-Ahirish, Libyan Vice Prime Minister for Corporations and Head of its Delegation.

The Conference congratulated HE Adil Abd Al Mahdi on his appointment as Minister of Oil of Iraq, and thanked his predecessor in office, HE Abdul-Kareem Luaibi Bahedh, for his contribution to the work of the Organization.

The Conference elected HE Mrs. Diezani Alison-Madueke CON, Minister of Petroleum Resources of Nigeria and Head of its Delegation, as President of the Conference for one year, with effect from 1st January 2015, and HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry of Qatar and Head of its Delegation, as Alternate President, for the same period.

The Conference reviewed the Secretary General's report, the report of the Economic Commission Board (ECB) and a number of administrative matters. The Conference also exchanged views on developments in multilateral environment negotiations, including preparations for COP20/CMP10 which will be held shortly in Lima, Peru; the status of the Organization’s on-going energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; as well as its energy dialogue with the Russian Federation and others.

The Conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for the first, second, third and fourth quarters of 2015, with emphasis on the first half of the year. The Conference also considered forecasts for the world economic outlook and noted that the global economic recovery was continuing, albeit very slowly and unevenly spread, with growth forecast at 3.2% for 2014 and 3.6% for 2015.

The Conference also noted, importantly, that, although world oil demand is forecast to increase during the year 2015, this will, yet again, be offset by the projected increase of 1.36 mb/d in non-OPEC supply. The increase in oil and product stock levels in OECD countries, where days of forward cover are comfortably above the five-year average, coupled with the on-going rise in non-OECD inventories, are indications of an extremely well-supplied market.

Recording its concern over the rapid decline in oil prices in recent months, the Conference concurred that stable oil prices – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent income and to invest to meet future demand – were vital for world economic wellbeing. Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011. As always, in taking this decision, Member Countries confirmed their readiness to respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market.

Agreeing on the need to be vigilant given the uncertainties and risks associated with future developments in the world economy, the Conference directed the Secretariat to continue its close monitoring of developments in supply and demand, as well as non-fundamental factors such as speculative activity, keeping Member Countries fully briefed on developments.

The Conference appointed Dr. Bernard Mommer, Venezuelan Governor for OPEC, as Chairman of the Board of Governors for the year 2015, and Mr. Ahmed Messili, Algerian Governor for OPEC, as Alternate Chairman for the same period, with effect from 1st January 2015.

The Conference decided to extend the tenure of HE Abdalla S. El-Badri as Secretary General for a further period of six months, until 31st December 2015.

The Conference approved the Budget of the Organization for the year 2015.

The Conference resolved that its next Ordinary Meeting will convene in Vienna, Austria, on Friday, 5th June 2015, immediately after the OPEC International Seminar on “Petroleum: An Engine for Development” which will take place at the Vienna Hofburg Palace on 3rd and 4th June 2015.

Finally, the Conference again expressed its appreciation to the Government and the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and the excellent arrangements made for the Meeting.

ichidodo:
For a stable global economy oil price should slide at an equilibria point of $65...too high would lead to considerable investment in fracking which should glut the oilmarket with its attendant steep price crash...too low would disrupt too many stable economies creating a global tsunami of recession.

atlwireles:


Unfortunately fracking will not be sustainable, if oil remains below $75 for long.

ichidodo:
A very nice dillemma given the very high volume of global crude reserves highly susciptible to fracking and the continous need for most non-fracking suppliers to have a hungry market to be monopolized or OPECed for their oil cargoes

atlwireles:


The current price battle is targeted at the producers from North America. OPEC cannot cut quotas, for Russia, Mexico and Unites states. OPEC countries are losing money, but losing market share will be more damaging to them.

atlwireles:
Actually, the Saudi Arabians (who control OPEC) are trying to drive the oil shale producers in America out of business. If the price stays below $65/barrel for any length of time, that will happen too

atlwireles:


The current price battle is targeted at the producers from North America. OPEC cannot cut quotas, for Russia, Mexico and Unites states. OPEC countries are losing money, but losing market share will be more damaging to them.

Omooba77:


USA has no direct access to Iraq,Afghanista.....

atlwireles:


I'm lost, don't understand