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OPEC Summit: Press Releases

Six Press Releases from the OPEC Summit

- Dialogue should lead to 'win-win' situation for OPEC and consumer nations - OPEC president Ali Rodríguez
- OPEC should seek out a "fair price" for petroleum - Wahid
- Venezuelan oil basket falls 15 cents
- The thesis that OPEC defines prices belongs to the past
- OPEC will protect the interests of oil producers and guarantee an "efficient, regular and economical" supply to consumers - Chávez
- Petroleum Chamber chief hails OPEC strengthening - Hugo Hernández

Dialogue should lead to 'win-win' situation for OPEC and consumer nations - OPEC president Ali Rodríguez

Caracas, September 28, 2000 (Press Office of the II OPEC Summit)

OPEC President and Venezuelan Energy and Mines Minister Alí Rodríguez Araque today told a news conference, "We must establish a win-win relationship" between oil producing and consuming countries. "We are not trying to harm the consuming countries and I'm sure our customers are not trying to harm us."

"The times when embargoes were applied are far behind us," Rodríguez said. "The times when a U.S. leader said he had brought OPEC to its knees also are behind us."

Rodríguez welcomed U.S. President Clinton's most recent remarks to the effect that OPEC's proposed price band of $22 to $28 per barrel of crude is acceptable.

Rodríguez said that meetings between OPEC and major consuming nations now are a priority. "We do not have any meetings set yet, it seems as though we will have to have a lot of meetings [between OPEC and major consumers] before November." Rodríguez said high energy taxes in the European Union and the United States are an important problem in distorting world energy markets, but that "consuming countries' governments will have to solve these problems with their own people." Specifically regarding talks between OPEC and the EU, he said, "there is no date set, but there is a will from certain European Union countries for this possibility."

Rodríguez was asked if he believed consuming countries such as the United States and the United Kingdom should establish legal limits on what speculators could do in the oil futures markets.

"No," Rodríguez said. "We have to be aware of the fact that we are living in a capitalist reality. There should not be legal limits on these transactions. However, without imposing legal limits, it is important to eliminate the uncertainties that cause speculation."

OPEC should seek out a "fair price" for petroleum - Wahid

Caracas, 27 Sep. 2000 (Press Office of the II OPEC Summit)

The president of Indonesia, Abdurrahman Wahid, urged OPEC to reach a "fair price" for petroleum, his comments were made during the inauguration ceremony of the II Summit of Sovereigns, Heads of State and Government of OPEC member countries this afternoon.

Wahid said that the Venezuelan head of state showed during his speech at the opening of the summit - by comparing the price of oil with other products - that it stands at a "reasonable level."

"We need to search for a way to reach a fair price, and this is very important, because if we don't grasp this principle they will play with us," he said.

In relation to the taxes that industrialized countries apply to oil products, he expressed the belief that these taxes are only used to purchased more sophisticated weapons for their defence.

Wahid also called for agreements between producers and consumers of petroleum, in the form of agreed equilibriums between both parties.


Venezuelan oil basket falls 15 cents - Alí Rodríguez

Caracas, 27 September 2000 (Press Office of the II OPEC Summit)

The price of the Venezuelan oil basket for export closed at $28.25 per barrel, a fall of 15 cents in relation to the previous day, while the yearly average now stands at $26.31 per barrel.

The news came from Venezuelan Energy and Mines Minister and the President of the Organization of Petroleum Exporting Countries, Alí Rodríguez Araque, on his way out of the inauguration ceremony of the II Summit of Sovereigns, Heads of State and Government of OPEC Member Countries, which took place in Caracas, Venezuela today (Wednesday September 27).

After being asked about comments made by the President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías, with regard to the fact that the blame for high prices of crude products does not rest with OPEC, the Venezuelan minister said that he fully supported these words and went on to say that they are the result of exorbitant taxes in industrialized countries and the application of requirements that have made refining more expensive, they are also the fault of excessive market speculation.

The thesis that OPEC defines prices belongs to the past- Héctor Ciavaldini

Caracas, 27 September 2000 (Press Office of the II OPEC Summit).

The II Summit of the Sovereigns, Heads of State and Government of the OPEC Member Countries provides a platform to urge the great consuming countries to understand that, on their side, there are elements that affect oil prices, such as high taxes.

The statement belongs to Petróleos de Venezuela (PDVSA) President Héctor Ciavaldini, who was present this Wednesday at the formal opening of the II OPEC Summit, at the Teresa Carreño Cultural Complex in Caracas, Venezuela.

The thesis that OPEC defines crude prices has been left behind, and we have arrived at a situation in which other factors influence price structuring, in the opinion of the President of Venezuela's national energy company.

According to Héctor Ciavaldini, the II OPEC Summit marks the beginning of a different Organization, one that seeks the interaction of peoples and transcends the value of the oil barrel, to transform itself into an organization linked to integration, development and the unity of peoples, "which is why we hope to turn into reality the structuring of a bank and a technological research institute and, above all, that oil producing and consuming countries can sit at a table to agree on policies that foster economic peace and justice in the world, besides recognizing the value of our raw material", he said.

He considers that the importance of creating an OPEC technological institute rests on enabling member countries to free themselves from technologies they don't handle, and promote industrialization processes, being less dependent and using oil income to promote development.

These elements could become part of the Caracas Declaration that will be signed by those present at the II OPEC Summit, this Thursday in the Venezuelan capital.

OPEC will protect the interests of oil producers and guarantee an "efficient, regular and economical" supply to consumers - Chávez

Caracas, 27 September 2000 (Press Office of the II OPEC Summit).

Venezuelan President Hugo Chávez Frías inaugurated today the II Summit of the Sovereigns, Heads of State and Government of the OPEC Member Countries, with a speech in which he made use of his best attributes as a public speaker.


He emphasized on the Organization's solidarity and unity, moving his audience to laughter when he compared the price of a barrel of oil with similar quantities of products, such as milk, water, wines, spirits and many others. OPEC will protect the interests of oil producers and guarantee an "efficient, regular and economical" supply to consumers - Chávez

" Let us start anew, let us produce cooperation agreements such as we have been discussing, so that together, using the income from our oil, we can boost our peoples towards a maximum goal of happiness, of stability and quality of life. Together we can go forward much more quickly", he said.

Chávez stressed that OPEC will at all times pay due attention to the interests of oil-producing nations. It will, at the same time, guarantee an "efficient, regular and economical" supply of oil to consuming nations, and a fair return on the capital of those who invest in the oil industry, he added

"These are the three components we will have to consider fully: producers, intermediaries and consumers", he said.

The President and the First Lady, Marisabel de Chávez, welcomed the distinguished visitors at the door of the theater. The dignataries arrived under tight security measures, and were received by a guard of honour made up by National Armed Force cadets.

The representative of all the participating countries entered the Sala Ríos Reyna when the ceremony began. These were the heads of state of Algeria, Abdulaziz Bouteflika; Indonesia, Addurrahman Wahid: Iran, Seyyed Mohamad Khatami; Nigeria,Olusegun Obasanjo; and Qatar, Sheik Hamad bin Khalifa bin Hamed Al-Thani.

They were joined by Crown Prince Abdullah bin Abdulaziz Al-Saud of Saudi Arabia; Sheik Hamad bin Mohammad Al Sharqui, Member of the Supreme Council of the United Arab Emirates and Ruler of the Fujairah Emirate; Taha Yassin Ramadan, Vice-President of Iraq; Mustafa Al-Kharroubi, Member of the Revolutionary Council of the Socialist People's Libyan Arab Jamahiriya; Saud Nasser Al-Sabah, Kuwait Minister of Petroleum.

The dignataries seated at the presidium had the flags of all the OPEC members countries as background.

This is the second summit of OPEC heads of State to be held in the Organization's forty-year life.
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Observers have pointed out that, by hosting this event, Venezuela has reaffirmed its support of OPEC, and its leadership within the Organization.
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The opening began with the Bolivarian Republic of Venezuela's national anthem, sung by the Teresa Carreño Chorale.

The opening address was delivered by the President of the Democratic and Popular Republic of Algeria, Abdelaziz Bouteflika, Algeria having been host to the first OPEC Summit.
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Bouteflicka urged OPEC to formulate new action methods -taking into account the new international reality- oriented to strengthening the Organization's credibility.

He said that the industrialized countries were not very receptive to OPEC' legitimte concerns regarding, for example, the debt problem, or the tariff barriers that penalize primary products, or manufactured ones, from the countries of the South.

The event closed with a musical and artistic show presented by Los Vasallos del Sol and El Cuarteto.


Petroleum Chamber chief hails OPEC strengthening - Hugo Hernández

Caracas, 27 September 2000 (Press Office of the II OPEC Summit).

The President of the Venezuelan Petroleum Chamber, Hugo Hernández Raffali, considers that the present unity of criteria that exists among OPEC members is fundamental to the relaunching and strengthening the Organization.

Hernández gave his point of view when exiting from the installation of the II Summit of the Sovereigns, Heads of State and Government of the OPEC Member Countries currently being held in Caracas, and which was inaugurated this Wednesday at the Teresa Carreño Cultural Center by Bolivarian Republic of Venezuela President Hugo Chávez Frías.

Hernández Raffali, who heads the organization that represents entrepreneurs of the Venezuelan private oil sector, added that the messages sent by the Summit are of unity, coherence and opening to dialogue with consuming countries, with the aim of seeking balanced fair prices for hydrocarbons.

The Petroleum Chamber President considered the speech by President Addelazis Bouteflika of the Democratic and Popular Republic of Algeria to be profoundly significant. President Bouteflika supported the creation of a university, a technological research center and an OPEC bank, together with a World Solidarity Fund to aid poor countries that would be financed by developed and developing countries.


ENDS

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