Emmalot121:
As old as you are! Instead of thinking of how to get a befitting grave.

dunkem21:
Ride on, sweetie. Your achievements and innovations speak for you.

..and your beauty.

Congrats damsel, Diezani.

by HE Abdourhman Ataher Al-Ahirish, Libya's Vice Prime Minister for Corporations and [size=28pt]President of the OPEC Conference[/size]

Excellencies, ladies and gentlemen,

It is my pleasure to welcome you all to Vienna for the 166th Meeting of the OPEC Conference.

I would like to extend a special welcome to His Excellency Adil Abd Al-Mahdi, the new Minister of Oil of Iraq, who is attending a Meeting of the Conference for the first time as Head of his Country’s Delegation.

On behalf of all the Heads of Delegation, I would also like to thank his predecessor in office, His Excellency Abdul-Kareem Luaibi Bahedh, for his service to his country and for his valuable contributions to the work of the Organization. We wish him further success in the future.

Excellencies, ladies and gentlemen,

It has now been a little more than five months since the Conference last convened here in Vienna to discuss the oil market situation. At that time, we spoke of improving stability in the oil market resulting from the ongoing recovery of the world economy.

Since then, the global economic recovery has continued, although at lower levels, while the global oil market has seen ample supplies.

Given this backdrop – and even though some uncertainties remain – global economic growth in 2015 is expected to grow to 3.6 per cent from 3.2 per cent in the current year.

In line with this economic outlook, world oil demand in 2015 is forecast to grow by around 1.1 million barrels per day, with total world consumption at around 92.3 million barrels per day.

The bulk of this net oil demand growth will continue to come from non-OECD countries.

Non-OPEC oil supply is also anticipated to rise next year by 1. 4 million barrels per day to average 57.3 million barrels per day. The region of ‘OECD Americas’ is expected to be the main non-OPEC contributor to this supply growth – supported by some increases in Brazil.

In terms of prices, the situation has changed in recent months. Although the OPEC Reference Basket had been fairly stable during the last three and a half years, with the annual average ranging between roughly $105 and $110 per barrel since mid-June, the Basket has lost nearly 30% of its value – or more than $30 per barrel.

A careful look at the current situation suggests the recent fall in prices may not be exclusively attributed to oil market fundamentals.

Ample supply, moderate demand, a stronger US dollar and uncertainties about global economic growth have been key factors in this recent price trend. In addition, as OPEC has noted in the past, the impact of speculative activity in the oil market has also been an important factor.

Nevertheless, it is important to recognize that if the recent price trend continues, the long-term sustainability of capacity expansion plans and investment projects may be put at risk.

Excellencies, ladies and gentlemen,

The recent price developments are a sign that the oil market is currently searching for stability and balance. At today’s meeting, OPEC will consider these issues – and discuss the market outlook for 2015.

As always, our deliberations will be focused on contributing towards stability in the market. This is what most benefits global economic growth – and it is what matters most to all stakeholders, producers and consumers alike.

We also recognize that dialogue has always been instrumental for the achievement of such goals.

That is why OPEC is committed to engaging further in international dialogue and cooperation efforts – through participation in meetings, symposia and workshops. These include dialogue with the G20, the EU and Russia, as well as working programmes with the International Energy Forum, the International Energy Agency and other international institutions.

In conclusion, I should like to reiterate that such opportunities for dialogue and collaboration – with oil companies, non-OPEC producers, investors and consumers – make important contribution to our common endeavour of attaining stability in the oil market.

Excellencies, ladies and gentlemen,

Thank you for your attention

nora544:


I live in Vienna and you will read nothing about this in our newspapers.

The last I read and that was about one houre before is that the price goes down and it is on the same than 2010.

Orikinla:


[size=18pt]This is the pathetic case of majority of Nigerians and the ruling class exploits their ignorance and intellectual illiteracy.
The shameless journalists queue for brown envelopes and sniffing at madam's bottom power for handouts[/size].

10:00 hrs.
Opening Session
Attendance: All OPEC Heads of Delegation and Delegates
12:00 hrs.
Closed Session
Attendance: All OPEC Heads of Delegation and the Secretary General
16:00 hrs.
Press Conference
Given by the President of the OPEC Conference and the Secretary General


http://www.opec.org/opec_web/static_files_project/media/downloads/press_room/Press_Background_166th_Meeting.pdf

Let us wait if it is tru because normaly such headline you can read in news in Austria but sorry why it is only in news from nigeria.

How could this be possible when the first newspaper in nigeria post it 10:19 and the conference starts 10:00.

We have the same time in austria than in nigeria.

cole265:


Of course she will. By embezzlement and corruption skills. You won't be disappointed.

idupaul:
From the way her and goons squandered our oil wealth and sent the economy into austerity all I can say is that OPEC is finished

Rexyl:
And the woman made history despite varying allegations against her. That means she is an achiever whose achievements trend globally! Anyway congrats.

Orikinla:
Why majority of Nigerians are idiots.
This brouhaha on this so called achievement is not even making headlines on OPEC's website, CNN, BBC and other worthy global news channels.
Only errand boys of Bottom Power and Brown Envelopes journalism of the Nigerian press are making noise here.
The PDP has really done collateral damage to the psyche of majority of Nigerians.

DobleO7:




Kindly avoid the thread, if you don't like the news and stop getting yourself tensed up unnecessaryly.

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 ) .

Johnpaul88:
That thief? I'm sorry for OPEC.

DobleO7:




If that is your prayer....may it not go beyond the ceiling of your house. How wicked can a homo-sapiens be.

davitogreat:



All your questions are tied to the passage of the PIB Bill. One of the main components of the Bill is the deregulation of the downstream oil sector which would make the sector more attractive for private companies to invest in. So if the bill is passed expect more companies to be willing to invest in Construction of new refinerys, LNG plants, oil excavation e.t.c.

The fact of the matter is if we want our oil sector to be efficient, beneficial to the masses and globally competitive it must be deregulated.


Sidenote- I read in an article that our already existing oil refinerys are too old to be maintained due to unavailability of their spare parts in The market and are basically obsolete. Which means it is impossible for the government to bring them up to full capacity.
( so expect more refined crude importation in the future)

This is what happens with decades of neglect and vision less leaders.