• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

OPEC Chief Calls for Joint Efforts to Stabilize Oil Market

Posted on: Tuesday, 13 December 2005, 09:00 CST

OPEC chief calls for joint efforts to stabilize oil market

KUWAIT CITY, Dec. 12 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) chief said on Monday that both producers and consumers should be responsible for the oil market's stability, the Kuwait News Agency reported.

"Stabilizing the oil market is a joint responsibility of producers and consumers, especially that we are in an age in which countries and nations of the world depend on each other for achieving global prosperity," Sheikh Ahmad Al-Fahad Al-Sabah, also the Kuwaiti energy minister, said at the opening session of the 138th OPEC ministerial conference held here on Monday.

The OPEC chief called for a shift from mere dialogue between consumers and producers to joint policies and programs in energy and environment technology, "which will bring development to the producing and consuming countries equally."

He also called for joint cooperation and mutual understanding between OPEC and non-OPEC producers, saying it was very important to help achieve oil market stability.

Meanwhile, he urged consuming countries to adopt policies that encourage the increase of their refining capacities in order to secure the demand for oil products, as well as to reduce taxes on oil products which constitute more than 70 percent of the oil prices in these countries.

Despite the official ceiling of 28 million barrels per day (bpd) , OPEC members produce crude oil some 30 million bpd, accounting for 26 percent of the global oil output.

The total production of the 11-member cartel is expected to reach 38 million bpd by 2010.

Source: Xinhua News Agency - CEIS

More News in this Category