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13 th International Oil Summit

13 th International Oil Summit. Abdalla Salem El-Badri OPEC Secretary General The Current Oil Market Paris, France 3rd May 2012. Challenging times for the oil industry. Last year: Global economic turbulence Unrest in the MENA region Japan’s triple disaster This year:

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13 th International Oil Summit

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  1. 13th International Oil Summit Abdalla Salem El-Badri OPEC Secretary General The Current Oil Market Paris, France 3rd May 2012

  2. Challenging times for the oil industry Last year: Global economic turbulence Unrest in the MENA region Japan’s triple disaster This year: Continued economic uncertainty Geopolitical developments Supply disruptions in some non-OPEC regions, although Libya is returning to pre-uprising levels However, there has been, and remains, NO shortage of oil in the market 2

  3. The world economy: moving to a lower growth trajectory? Real GDP growth (in %) • Global economic growth patchy • US showing some positive signs, but Euro-zone still struggling with sovereign debt • Japan some improvement, but still suffering from last year’s triple disaster • Data suggests China is slowing, but will this trend continue? • Concerns that OECD problems will spill over into developing countries 3

  4. High levels of open interest contracts 4

  5. Some non-OPEC disruptions, but overall supply increasing World oil supply • Non-OPEC supply disruptions; Syria, South Sudan, Yemen, North Sea • Strong increase in the first quarter of this year from other non-OPEC supply, e.g. North America • Libyan crude has a made a quick return to the market • Overall, world oil supply is increasing

  6. OECD commercial oil stocks (up to end-March 2012) Million barrels Days of forward cover

  7. Steady rise in OPEC crude oil production(2009 – 2012, mb/d)

  8. Key messages in the current oil market • The oil market is well supplied • Supply and demand fundamentals are sound • Global economic growth remains a key uncertainty, particularly in the Euro-zone • Today’s price levels are being impacted by speculation • Market stability needs to be our focus

  9. Thank you www.opec.org

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