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9 th Arab Energy Conference

9 th Arab Energy Conference . The role of petroleum-exporting countries in oil market stability 9–12 May 2010 Doha, Qatar Hasan M Qabazard Director, Research Division OPEC Secretariat. OPEC: strong commitment to oil market stability. 1961

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9 th Arab Energy Conference

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  1. 9th Arab Energy Conference The role of petroleum-exporting countries in oil market stability 9–12 May 2010 Doha, Qatar Hasan M Qabazard Director, Research Division OPEC Secretariat

  2. OPEC: strong commitment to oil market stability 1961 The Organization shall devise ways and means of ensuring the stabilisation of prices in international oil markets, with a view to eliminating harmful and unnecessary fluctuations. OPEC Statute 2007 Three guiding themes for OPEC actions Stability of global energy markets Energy for sustainable development Energy and environment OPEC’s Third Solemn Declaration 2

  3. The significance of OPEC in world petroleum market OPEC’s global share of crude oil OPEC’s global share of natural gas 3

  4. Market-stabilisation measures Reciprocal relationship Market stability and energy security are required and desired by both producers and consumers Two types of pricing problem Excessive volatility Price extremes: high or low OPEC seeks stable prices and secure supply and demand Success of December 2008 agreement Well received by industry as a whole 4

  5. Cooperation and dialogue are essential at all times Expanding in-depth dialogue and cooperation among all stakeholders to: successfully tackle the challenges of energy security, and contribute to a more stable, equitable and sustainable world. “Constructive and focused producer-consumer dialogue, based on a greater degree of trust and openness, that could promote confidence-building measures among producers and consumers and send strong market signals to help stabilize long-term expectations” 12thIEFCancun Ministerial Declaration, March 2010 5

  6. Oil will remain the leading energy source(demand by fuel type, mtoe) 6

  7. The world economy: Emerging economies lead the growth World real GDP growth (in %) 7

  8. Global oil demand: OECD demand is in decline Oil demand growth (mb/d) 8

  9. Rising investments flows into commodities again Non-commercial net-length in commodities and prices (2006-2010) Net-long positions of managed money (NYMEX WTI futures, 2009-2010) 9

  10. Current oil prices have gained common acceptance (weekly spot WTI price, US$/bbl) 10

  11. www.opec.org Thank you 11

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