By KUNA
Riyadh : The heads of state and Government of Member Countries of the Organization of Petroleum Exporting Countries (OPEC) ended their Third summit conference here on Sunday paying respect for the Custodian of the two holy mosques King Abdullah bin Abdulaziz for hosting the gathering.
Abdullah Salem al Badri, OPEC Secretary General read the final statement of the leaders reaffirming the organization’s inalienable and permanent sovereign rights of OPEC countries over the natural resources, commitment to conserve efficiently manage and prolong the exploration of their exhaustible petroleum resources in order to promote the sustainable development and the welfare of future generations.
Recognizing OPEC’s obligation to develop the member countries and raise the living standards of their people.
He emphasized OPEC’s role and its contribution to global energy market stability and economic prosperity.
The final statement affirmed agreement of OPEC’s member states to the following principles to guide the organization and member states’ economic, energy and environmental endeavors within the following the three themes: Stability of global energy markets, Energy for sustainable development and Energy and environment.
On stability of global energy markets, OPEC recognized the importance of reliable, affordable and competitive energy supplies in ensuring global prosperity and the role of petroleum in world energy consumption.
OPEC also recognized the leading role of the organization in meeting growing global energy needs, including those of developing economies, and the organization’s mission of securing the efficient, economic and regular supply of petroleum to consumers, with a steady and reasonable income to the petroleum resource-owning producers and a fairs return on capital to those investing in the petroleum industry.
Globalization has expanded international trade and accelerated economic growth and has also improved communications, interconnected financial markets, advanced technology and increased mobility. as result, the world’s energy trade has expanded and is projected to continue to be driven by global economic and energy demand growth. While globalization provides opportunities, it poses many challenges, such as income inequality, recurring market volatility and underlying uncertainties.
The central role that petroleum plays in the economies of OPEC countries, as well as the world, makes petroleum market stability essential, not only for resource conservation, but also to economy and social development of the member countries, the final statement said. The role of energy, especially petroleum, in the economies of the consuming countries makes energy security essential for their sustained economic growth. While OPEC members’ endeavour to diversify their economies and improve the living standards of their people, the group recognized that, with globalization, the economies of the world as well as markets, including energy markets, are integrated and interdependent.
OPEC said the organization is well-positioned to continue to meet a substantial share of the global petroleum need. It acknowledged the challenges of globalization and changing world energy market dynamics and resolve.
— In this regard OPEC reaffirmed commitment to the principles and objectives, as stated in the Organization’s statute, Algiers and Caracas Solemn Declarations of 1975 and 2000 respectively as well as the long-term strategy of the organization.
OPEC reaffirmed commitment to continue providing adequate, timely, efficient, economic and reliable petroleum supplies to world markets and to work with all parties to achieve balanced energy markets and stable and competitive petroleum prices.
OPEC emphasized the importance of global peace in enhancing energy investment and market stability and predictability and to undertake the necessary investments to increase upstream and downstream capacities in the member countries and at the same time. OPEC therefore urged consuming nations to provide the environment conducive to petroleum investments in their countries.
OPEC underscored the interrelationships between global security of petroleum supply and the security and predictability of demand.
OPEC urged all parties to find ways and means to enhance the efficiency of financial petroleum markets with the aim of reducing short term price volatility that is harmful to producers and consumers.
OPEC pledged to promote efficiency and sustainability of the production and consumption of petroleum resources, while recognizing the roles of technology and innovation.
The organization also pledged to continue the process of coordination and consultation with other petroleum-exporting countries, in the interests of all petroleum producers.
OPEC also pledged to strengthen and broaden the dialogue between energy producers and consumers through the International Energy Forum and other international and regional for a, for the benefit of all, and note successful dialogues between with the European Union, the People’s Republic of china, the Russian Federation, the International Energy Agency and others.
OPEC reiterated that measures or legislation undermining the spirit of producer-consumer cooperation would jeopardize market stability and energy security.
OPEC said encourages cooperation and exchanges in the fields of technology and human resource development, among petroleum industries in OPEC member countries and with other stakeholders, to promote efficiency, innovation, governance and international best practices.
OPEC urged consuming governments to adopt transparent, non-discriminatory and predictable trade, fiscal, environmental and energy policies and promote free access to markets and financial resources.
It pledged to work with other governments, international organizations and the international business community to facilitate investment in, and the transfer of technology to, member countries, in order to diversify their economics and achieve social progress and sustainable development