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| <!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN"> | |
| <html> | |
| <!-- #BeginTemplate "/Templates/pr.dwt" --> | |
| <head> | |
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| content="text/html; charset=iso-8859-1"> | |
| <meta name="GENERATOR" content="Microsoft FrontPage 2.0"> | |
| <!-- #BeginEditable "doctitle" --> | |
| <title>28th Meeting Of The Ministerial Monitoring Sub-Committee</title> | |
| <!-- #EndEditable --> | |
| </head> | |
| <body background="../../bacground.gif"> | |
| <p align="center"><img src="../../PressReleaselogo.gif" width="499" height="154" name="Image1"> | |
| <img src="../../Anniversary_Logogif.gif" width="136" height="138"></p> | |
| <p align="center"> </p> | |
| <dl> | |
| <dd> | |
| <blockquote> | |
| <blockquote> | |
| <blockquote><!-- #BeginEditable "contents" --> | |
| <div class=Section1> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:42.0pt 290.6pt'><b | |
| style='mso-bidi-font-weight:normal'><span lang=EN-GB style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'>No. | |
| 9/2000<span style='mso-tab-count:1'> </span>For immediate | |
| release<o:p></o:p></span></b></p> | |
| <p class=pagenumber style='text-align:justify;tab-stops:42.0pt 290.6pt'><b | |
| style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-bidi-font-size: | |
| 10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'>Vienna, Austria<span style='mso-tab-count:1'> | |
| </span><span style="mso-spacerun: | |
| yes"> </span>10 September 2000<o:p></o:p></span></b></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:42.0pt'><b | |
| style='mso-bidi-font-weight:normal'><span lang=EN-GB style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></b></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:42.0pt'><b | |
| style='mso-bidi-font-weight:normal'><span lang=EN-GB style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></b></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:42.0pt'><b | |
| style='mso-bidi-font-weight:normal'><span lang=EN-GB style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></b></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:42.0pt'><b | |
| style='mso-bidi-font-weight:normal'><span lang=EN-GB style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></b></p> | |
| <p class=MsoBodyText style='margin-right:1.35pt;text-align:justify;tab-stops: | |
| 28.35pt 63.8pt'><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size: | |
| 10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>Opening Address<o:p></o:p></span></b></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><i style='mso-bidi-font-style:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>to the<o:p></o:p></span></i></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>111<sup>th</sup> Meeting of the OPEC Conference<o:p></o:p></span></b></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><i style='mso-bidi-font-style:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>by<o:p></o:p></span></i></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.35pt;text-align:center; | |
| tab-stops:28.35pt 63.8pt'><span lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size: | |
| 10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>His Excellency Ali Rodriguez Araque<o:p></o:p></span></b></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>President of the OPEC Conference<o:p></o:p></span></b></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><i style='mso-bidi-font-style:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>and<o:p></o:p></span></i></p> | |
| <p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center; | |
| line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span | |
| lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial; | |
| mso-bidi-font-family:"Times New Roman"'>Minister of Energy & Mines of Venezuela<o:p></o:p></span></b></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'>Excellencies, ladies and gentlemen,<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>It is, once | |
| again, a great honour for me to welcome you to the 111th Meeting | |
| of the OPEC Conference, held at our Secretariat in Vienna.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>Let me begin | |
| by extending a warm welcome to our new colleague from Indonesia, | |
| HE Dr. Purnomo Yusgiantoro, who recently assumed office as Minister | |
| of Energy and Mineral Resources. We look forward to benefitting | |
| from HE Dr. Purnomo’s contributions to our deliberations and | |
| would ask him to convey to his predecessor, HE Lt.-Gen. Susilo Bambang | |
| Yudhoyono, our warmest regards. <o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>It is also | |
| my pleasure to again welcome to the Secretariat Delegations from | |
| other important non-OPEC oil producers, namely Mexico, Oman and | |
| Russia, and to extend congratulations to HE Alexander Gavrin, Russia’s | |
| newly appointed Minister of Energy.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>I am sure | |
| that all of you are aware that we are today celebrating one of the | |
| most important anniversaries of our Organization. It is exactly | |
| 40 years ago — on 10 September 1960 — that OPEC began | |
| its first Meeting in Baghdad, Iraq. The principal purpose of that | |
| Meeting embodied the very concept of cooperation with which we are | |
| so familiar today. At that time, cooperation meant OPEC’s five | |
| Founder Members — Iran, Iraq, Kuwait, Saudi Arabia and Venezuela | |
| — creating a united front, in order to defend their legitimate | |
| interests in a petroleum industry dominated by the multinational | |
| oil companies, more commonly known as <i | |
| style='mso-bidi-font-style:normal'>“The Seven Sisters”</i>.<span | |
| style="mso-spacerun: yes"> </span>That historic Meeting finished on 14 September, | |
| with the formal establishment of OPEC.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>As the years | |
| passed and its Membership grew, OPEC achieved an astonishing degree | |
| of success for a group of developing countries. The Organization | |
| provided these countries with the support and the confidence to | |
| assert their legitimate rights in the petroleum industry, particularly | |
| in terms of the exploitation of their indigenous resources, as well | |
| as having an influential say in the pricing of their oil on world | |
| markets. OPEC now has 11 Member Countries and is respected, far | |
| and wide, as an established part of the international petroleum | |
| community. This is, indeed, a grand achievement and one of which | |
| we should all be proud.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>At the same | |
| time, however, this provides no grounds for complacency. In just | |
| over a fortnight’s time, our Heads of State and Government | |
| will meet for the Second OPEC Summit in Caracas, Venezuela. The | |
| First Summit was held 25 years ago, in Algiers, Algeria. The purpose | |
| of the Second Summit is to take a fresh look at OPEC’s aims | |
| and objectives, its institutions, its procedures and its achievements, | |
| to see whether they match up to the evolving demands and requirements | |
| of the 21st century. Where we find shortcomings, we shall seek to | |
| rectify them, so that a stronger and more focused Organization emerges | |
| for the years ahead. Naturally, we shall spend some time during | |
| this Conference reviewing the final preparations for the Summit.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>Our attention | |
| at this Conference will also be placed on more immediate matters, | |
| particularly oil prices. The erratic price behaviour of the past | |
| three years has been the cause of much concern for producers, consumers | |
| and the industry. First, there was the crisis of 1998, when prices | |
| for OPEC’s spot Reference Basket fell heavily — and even | |
| briefly dipped below the psychological $10 per barrel mark — | |
| after averaging almost $18 per barrel in the ten-year period immediately | |
| before this; that period was marked by a relatively high degree | |
| of stability in the oil market. And secondly, after OPEC, with commendable | |
| support from four non-OPEC producers, introduced measures which | |
| boosted prices and took them to fair and reasonable levels, these | |
| prices continued their upward movement, reaching levels which many | |
| market analysts believe are not sustainable over a long period. | |
| This was in spite of efforts by OPEC and responsible non-OPEC producers | |
| to raise output, so as to create prices more acceptable to the market.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>In this brief | |
| opening address, time prevents me from discussing the reasons for | |
| this year’s high prices. I should, however, like to make the | |
| following remarks.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>First, it | |
| is misleading to say that prices have trebled over the past 18 months; | |
| it is a far more accurate reflection of the situation to say that | |
| prices have risen to their present levels from a decade-long average | |
| of almost $18 per barrel, as I mentioned above. They were at the | |
| oft-quoted low point of around $10 per barrel for only a brief period | |
| in December 1998, in exceptional market circumstances. On the other | |
| hand, they were almost $25 per barrel in January 1997.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>Secondly, | |
| while the prices of most consumer goods have risen significantly | |
| over the past decade and a half, those of oil have not kept pace | |
| with this trend and, indeed, on some occasions have actually fallen.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>Thirdly, at | |
| least for much of this year and in the United States of America | |
| in particular, there has been plenty of crude around when prices | |
| have risen, and the supply problems have been further downstream | |
| and beyond OPEC’s influence.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>Fourthly, | |
| as we publicly stated at our last meeting, the high levels of taxation | |
| on petroleum products in most consuming countries are greatly amplifying | |
| the effects of rises in the price of crude, to the detriment of | |
| the consumer. OPEC expresses the hope, once again, that the governments | |
| of these countries will reduce their high taxes on a barrel of oil | |
| — which is much more than producers themselves receive — | |
| in the interests of market stability. In addition, speculation in | |
| the oil market has become a key factor that has distorted realities | |
| and has artificially influenced prices far beyond what the fundamentals | |
| indicate.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>And fifthly, | |
| OPEC cares very much about sustainable order and stability in the | |
| oil market, with fair and reasonable prices for consumers, and is | |
| trying very hard to bring this about; but this is not easy in such | |
| a complex and speculative environment as the petroleum industry. | |
| OPEC is also appreciative of the active support it has received | |
| in its recent market-stabilisation activities from some leading | |
| non-OPEC producers, notably Mexico, Norway, Oman and Russia.<o:p></o:p></span></p> | |
| <p class=MsoBodyText2><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size: | |
| 10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><span | |
| style='mso-tab-count:1'> </span>Since our Extraordinary Meeting in | |
| June, there has been a considerable amount of contact among producers | |
| both within OPEC and beyond, as we jointly seek a lasting recipe | |
| for market stability. His Excellency President Hugo Chavez of Venezuela, | |
| as host of the Summit, has himself visited all the Member Countries | |
| at Head of State level, in preparation for that important event.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>We are all | |
| agreed on the need for timely and effective action in bringing an | |
| end to the instability of the past three years, so that the international | |
| oil market can prosper in the early 21st century, to the benefit | |
| of producers and consumers alike, as well as the world economy at | |
| large.<o:p></o:p></span></p> | |
| <p class=MsoBodyText3 style='line-height:normal'><span style='font-size:11.0pt; | |
| mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><span | |
| style='mso-tab-count:1'> </span>I began this address by referring to | |
| OPEC’s 40th anniversary. There is also another important event | |
| we shall celebrate this year — this is the 35th anniversary | |
| of OPEC setting up its Secretariat in the Austrian capital of Vienna. | |
| Since 1965, we have enjoyed excellent relations and friendship with | |
| the Federal Republic of Austria, the City of Vienna and the citizens | |
| of our host country. I should, therefore, like to express the gratitude | |
| of OPEC and its 11 Member Countries for everything our hosts have | |
| done over the years to enhance this relationship and to make us | |
| feel so welcome, and to say: “Long may this prosper in the | |
| future!”.<o:p></o:p></span></p> | |
| <p class=MsoNormal style='text-align:justify;tab-stops:0pt'><span lang=EN-GB | |
| style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family: | |
| "Times New Roman"'><span style='mso-tab-count:1'> </span>This evening, | |
| the City of Vienna is hosting a grand reception and dinner, at which | |
| more than 600 invited guests are expected, to mark OPEC’s 40th | |
| anniversary and the Secretariat’s 35th year in Vienna.<o:p></o:p></span></p> | |
| <p class=MsoBodyText style='margin-right:1.35pt;text-align:justify;tab-stops: | |
| 35.45pt'><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt; | |
| font-family:Arial;mso-bidi-font-family:"Times New Roman"'><span | |
| style='mso-tab-count:1'> </span>Thank you.<o:p></o:p></span></p> | |
| <p class=MsoBodyText style='margin-right:1.35pt;text-align:justify;tab-stops: | |
| 28.35pt 63.8pt'><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size: | |
| 10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]> <![endif]><o:p></o:p></span></p> | |
| <p class=MsoBodyText style='margin-right:1.35pt;text-align:justify;tab-stops: | |
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