Yes, it happened our very own Petroleum Minister was appointed as the Alternate president of OPEC last week. Read further to know more.
Source: Daily Trust
The 164th meeting of the Conference of
the Organization of the Petroleum Exporting Countries (OPEC) was
concluded in Vienna, Austria, late last week with the appointment of
petroleum minister Mrs Diezani Alison-Madueke as alternate president of
the group.
The conference also elected Dr Abdel
Bari Ali Al-Arousi, Minister of Oil and Gas of Libya as president of the
conference for one year, with effect from 1 January 2014, alongside Mrs
Diezani Alison-Madueke.
The conference reviewed the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters, a statement posted on its website said.
It further exchanged views on developments in multilateral environment negotiations, including: the outcome of COP19/CMP9 held in Warsaw, Poland, in November; the status of the Organization’s ongoing energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; and its energy dialogue with the Russian Federation.
The conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014 as well as the global economic outlook, again noting the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.
“The biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern,” it noted.
It said demand for oil is forecast to increase during the year 2014 which will be more than offset by the projected increase in non-OPEC supply. Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the conference directed the its secretariat to continue close monitoring of developments in supply and
demand, as well as non-fundamental factors such as speculative activity.
The conference reviewed the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters, a statement posted on its website said.
It further exchanged views on developments in multilateral environment negotiations, including: the outcome of COP19/CMP9 held in Warsaw, Poland, in November; the status of the Organization’s ongoing energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; and its energy dialogue with the Russian Federation.
The conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014 as well as the global economic outlook, again noting the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.
“The biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern,” it noted.
It said demand for oil is forecast to increase during the year 2014 which will be more than offset by the projected increase in non-OPEC supply. Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the conference directed the its secretariat to continue close monitoring of developments in supply and
demand, as well as non-fundamental factors such as speculative activity.
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