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OPEC countries' foreign, finance, oil ministers hold meeting
Riyadh, Saudi Arabia, November 16, 2007, SPA- Riyadh, November
16 , SPA -- Chaired by Prince Saud Al-Faisal, the Foreign Minister, foreign, energy,
oil and finance ministers of member countries of the Organization of Petroleum Exporting
Countries (OPEC) held here today their ministerial meeting of the Third OPEC Summit
Conference which will be held here tomorrow.
Prince Saud began the meeting with a speech in which he welcomed the ministers to
the Kingdom of Saudi Arabia wishing them a good stay and the OPEC's summit, which
was last held 47 years ago, every success.
Following is the full text of Prince Saud Al-Faisal's speech:
"In the name of God, the Merciful, the compassionate
Highnesses, Excellencies,
Ladies and Gentlemen,
Peace be with you and the Mercy and Blessings of God
I would like to begin by extending a warm welcome, on behalf of the Government of
the Kingdom of Saudi Arabia, to host this Meeting in Riyadh in preparation for the
Third Summit of the Organization of the Petroleum Exporting Countries (OPEC). Hoping
that you will enjoy a pleasant stay, and I wish our meeting every success.
Excellencies,
We are meeting today 47 years after the establishment of our Organization, which
has been able to make numerous achievements for our countries and people. We are
confidently looking forward to continuing this progress, in full awareness of the
profound economic and technological changes that are taking place, in such a way
as to derive optimum utilization of our resources in a manner conducive to the development
of our countries and the welfare of our peoples.
Or Meeting today is being held in Riyadh at a time when the international petroleum
industry and market are evolving significantly, with sharp and unexpected rises
and substantial daily fluctuations in petroleum prices, increases in the costs of
new petroleum installations and doubts concerning the industry's ability to meet
future market needs, in addition to various worldwide petroleum and energy-related
environmental developments and some disturbance in international economies and financial
markets.
Our Third OPEC summit is being held at this important conjuncture as a reflection
not only of our countries' concern with the international economic, petroleum, developmental
and environmental situation, but also of our aspirations and interests as petroleum
producing countries which over the years have succeeded in utilizing their resources
as a bridge to build a better future.
The proposed draft Riyadh Declaration will constitute the culmination of OPEC's
success in fulfilling the aspirations of its peoples in conformity with the Algiers
Declaration of 1975 and Caracas Declaration of 2000. In keeping with our belief
in our responsibilities towards our peoples and the contributions that we are making
for the promotion of growth in the world economy, the Declaration is based on three
key themes: stability and security in global energy markets, energy and environmental
interdependence, energy for sustainable development.
As you are aware, preparations for this Declaration began six months ago and numerous
meetings have been held between high-ranking officials from Member Countries with
the participation of officials from Ministries of Foreign Affairs and Finance. I
believe that the agreed draft Declaration that is now before you covers all the
matters of concern to our countries and their relation with the producing and consuming
countries and the international petroleum industry.
Excellencies,
In conclusion, I wish to express may deep gratitude and appreciation to all our
colleagues who helped to draw up the Riyadh Declaration . The commendable endeavors
that were exerted in preparing it will save us time and effort and will help to
make our meeting short and fruitful.
Once again, I welcome you all to the Kingdom of Saudi Arabia, trusting that this
joint meeting will fulfill the hopes and aspirations that are pinned thereon .
Peace be with you and the mercy and blessings of God".
Then the Secretary General of OPEC Abdullah Al-Badri delivered a speech emphasizing
the importance of this meeting and wishing all success for the interest of OPEC
countries.
In a closed-door session, the heads of the delegations addressed the meeting.
Later, Prince Saud Al-Faisal and OPEC ministers of foreign affairs, energy, petroleum
and finance attended a dinner party.
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