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OPEC Summit Concluded
Riyadh, Saudi Arabia, November 18, 2007, SPA- The Third OPEC Summit
was concluded here today under the chairmanship of Custodian of the Two Holy Mosques
King Abdullah bin Abdulaziz. The conclusion session was attended by heads of delegations
of the member countries of the OPEC .
At the beginning of the final session, Custodian of the Two Holy Mosques, who is
the head of the summit, invited Secretary General of the OPEC Abdullah Salem Al-Badri
to read the Riyadh Declaration issued by the summit.
"We, the Heads of State and Government of Member Countries of the Organization of
the Petroleum Exporting Countries (OPEC), continuing in the spirit of our First
and Second Summits held in Algiers and Caracas in 1975 and 2000, respectively, have
accepted the invitation extended by the Custodian of the Two Holy Mosques King Abdullah
bin Abdulaziz, to meet for our Third Summit in Riyadh, the Kingdom of Saudi Arabia,
from 17 to 18 November 2007.
Reaffirming the inalienable and permanent sovereign rights of our Countries over
their natural resources;
Cognizant of our Countries' commitments to conserve, efficiently manage and prolong
the exploitation of their exhaustible petroleum resources, in order to promote sustainable
development and welfare of our future generations;
Recognizing our obligations to develop our countries and raise the living standards
of our peoples;
And emphasizing the role of our Organization and its contribution to global energy
market stability and economic prosperity;
Have agreed to the following principles to guide our organization and Member Countries'
economic, energy and environmental endeavors, within the following three themes:
- Stability of global energy markets
- Energy for sustainable development
-Energy and environment
Stability of Global Energy Markets
We recognize the importance of reliable, affordable and competitive energy supplies in ensuring global prosperity and the role of petroleum in world energy consumption.
We also recognize the leading role of our organization in meeting growing global
energy needs, including those of the developing economies, and our 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 fair return on capital to those investing in the petroleum industry.
Globalization has expanded international trade and accelerated economic growth.
It has also improved communications, interconnected financial markets, advanced
technology and increased mobility.
As a 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 our Countries, as well
as the world, makes petroleum market stability essential, not only for resource
conservation, but also to our economic and social development. Moreover, the role
of energy, especially petroleum, in the economies of the consuming countries makes
energy security essential for their sustained economic growth. While we endeavour
to diversify our economies and improve the living standards of our peoples, we recognize
that, with globalization, the economies of the world, as well as markets, including
energy markets, are integrated and interdependent.
Our Organization is well-positioned to continue to meet a substantial share of the
global petroleum need, and, while acknowledging the challenges of globalization
and changing world energy market dynamics, we resolve to:
1- Reaffirm our commitment to the principles and objectives, as stated in the Organization's
Statute, Algiers and Caracas Solemn Declarations of our Summits in 1975 and 2000,
as well as the Long-Term Strategy of our Organization.
2- Continue providing adequate, timely, efficient, economic and reliable petroleum
supplies to world markets.
3-Work with all parties to achieve balanced energy markets and stable and competitive
petroleum prices.
4- Emphasize the importance of global peace in enhancing energy investment and market
stability and predictability.
5- Undertake the necessary investments to increase upstream and downstream capacities
in our Member Countries, and, at the same time, urge consuming nations to provide
the environment conductive to petroleum investments in their countries.
6- Underscore the interrelationships between global security of petroleum supply
and the security and predictability of demand.
7- Urge 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.
8- Promote efficiency and sustainability of the production and consumption of petroleum
resources, while recognizing the roles of technology and innovation.
9-Continue the process of coordination and consultation with other petroleum-exporting
countries, in the interests of all petroleum producers.
10-Stengthen and broaden the dialogue between energy producers and consumers through
the International Energy Forum and other international and regional fora, for the
benefit of all, and note successful dialogues between OPEC, the European Union,
the People's Republic of China, the Russian Federation, the International Energy
Agency and others.
11- Reiterate that measures or legislation undermining the spirit of producer-consumer
cooperation would jeopardize market stability and energy security.
12- Encourage 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.
13- Urge consuming governments to adopt transparent, non-discriminatory and predictable
trade, fiscal, environmental and energy policies and promote free access to markets
and financial resources.
14- Work with other governments, international organizations and the international
business community to facilitate investment in, and the transfer of technology to,
our Member Countries, in order to diversify our economies and achieve social progress
and sustainable development.
Energy for Sustainable Development
We recognize that energy is essential for poverty eradication, sustainable development
and the achievement of the Millennium Development Goals and the Johannesburg Plan
of Implementation. The world community has agreed, through different international
initiatives, that access to reliable, affordable, economically viable, socially
acceptable and environmentally sound energy services is crucial, particularly for
developing countries. We associate our Countries with all global efforts aimed at
bridging the development gap, making energy accessible to the world's poor, while
protecting the environment.
Addressing the economic, social and developmental pillars of sustainable development
requires a comprehensive approach to international trade, finance, energy and technology
issues. Reaffirming the principle of sovereignty, it is important to continue working
towards an early conclusion of the development-oriented Doha Round of trade negotiations,
as well as mobilizing development assistance and foreign direct investment to developing
countries. It is equally important, in this regard, to ensure that investment and
trade policies are fair and structured to promote and facilitate technology transfer
to developing countries on affordable and cost-effective terms, especially of environmentally-sound
technologies.
The Member Countries of our Organization, while joining the international community
in the efforts to achieve the Millennium Development Goals, take the interests of
fellow developing countries into full account in our petroleum production and investment
decisions, as well as our development assistance programmes and initiatives. It
was during our First Summit in Algiers that the OPEC Fund for International Development
was established to provide development assistance to developing countries. Our Member
Countries, acknowledging the strong interrelationships between energy and development
and the potential for their enhancement to achieve sustainable development, resolve
to:
1- Emphasize that eradicating poverty should be the first and overriding global
priority guiding local, regional and international efforts.
2- Continue working with the international community towards the advancement of
the interdependent and mutually supportive pillars of sustainable development, namely
economic development, social progress and environmental protection.
3- Highlight the importance for the global community to achieve its development
goals, including those contained in Agenda 21, the United Nations Millennium Development
Goals, the Johannesburg Plan of Implementation, the Monterrey Consensus and the
New Partnership for African Development (NEPAD) initiative.
4- Urge developed countries to facilitate access to modern technologies by developing
countries, that are reliable, affordable, economically viable, socially acceptable
and environmentally sound.
5- Reaffirm OPEC's continued commitment to development assistance through the OPEC
Fund for International Development (OFID) and its Member Countries' bilateral, regional
and multilateral development assistance channels.
6. Continue to align the programmes of our aid institutions, including those of
the OPEC Fund for International Development, with the objective of achieving sustainable
development and the eradication of energy poverty in the developing countries, and
study ways and means of enhancing this endeavor, in association with the energy
industry and other financial institutions.
7. Instruct our Petroleum/Energy and Finance Ministers to study ways and means of
enhancing financial cooperation among OPEC Member Countries, including proposals
by some of the heads of State and Government in their statements to the summit.
Energy and Environment
The process of production and consumption of energy resources poses different local,
regional and global environmental challenges. Human ingenuity and technological
development have long played pivotal roles in addressing such challenges and providing
the world with clean, affordable and competitive petroleum resources for global
prosperity.
Producers of petroleum are called upon to continue their central role in providing
the world with its present and future energy needs, while addressing, along with
the international community , global environmental concerns associated with their
use.
We share the international community's concern that climate change is a long-term
challenge, and recognize the interrelationships between addressing such concerns
on the one hand, and ensuring secure and stable petroleum supplies to support global
economic growth and development on the other. While addressing global environmental
concerns, such as climate change, it is important to emphasize the roles of governments,
as well as those of innovation, markets and technological development, in any local
and global undertaking.
In the run-up to the 13th Conference of the parties to the United Nations Framework
Convention on Climate Change (UNFCCC) and the Third Meeting of the parties to the
Kyoto Protocol, in our Member Country, Indonesia - and beyond - we continue to collaborate
with the international community in addressing the issues and challenges in a comprehensive,
equitable and effective manner. Our Member Countries, acknowledging the interrelationships
between energy production and consumption, environmental protection and preservation
and economic growth and social development, resolve to:
1. Continue our Member Countries' response to global environmental challenges and
support interrelation efforts to address these issues in the most cost -effective
manner.
2. Promote collaboration in research and development in the petroleum field among
OPEC science and technology centers, as well as collaboration with other international
centers and the industry, with the objective of increasing the petroleum resource
base, producing it more efficiently and continue introducing cleaner fuels.
3. Acknowledge that forests play a crucial role in maintaining ecological balance,
as sinks, sources and reservoirs of greenhouse management, conservation and sustainable
development of all types of forest. To this end, global cooperation is needed to
intensify collective international efforts in this field.
4. Reaffirm the core principle of common but differentiated responsibilities and
respective capabilities, in addressing climate change policies and measures, including
the implementation of United Nations Framework Convention on Climate Change and
the Kyoto Protocol.
5. Ensure that all policies and measures developed to address climate change concerns
are both balanced and comprehensive, taking into account their impact on developing
countries, including countries heavily dependent on the production and export of
fossil fuels.
6. Emphasize the importance of a comprehensive approach to climate change that addresses
all contributing greenhouse gases, their sources, sectors and sinks, and benefits
from the relevant Kyoto Protocol mechanism.
7. Stress the importance of cleaner and more efficient petroleum technologies for
the protection of the local, regional and global environment, and the importance
of expediting the development of technologies that address climate change, such
as carbon capture and storage.
Following that, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz
Al Saud, President of the Third OPEC Summit, thanked the leaders and heads of the
delegations of OPEC member countries for their efforts and cooperation to the success
of the summit.
The monarch said "I pray to the almighty Allah for our success for the interest
of our peoples and the whole world".
Then, the Custodian of the Two Holy Mosques presented President Abdulaziz Bouteflika
of Algeria to deliver a speech.
In his speech, Bouteflika expressed in his own name and on behalf of OPEC leaders
the sincere thanks and gratitude to the Custodian of the Two Holy Mosques King Abdullah
bin Abdulaziz for warm welcome and generous hospitality since their arrival in Riyadh.
Bouteflika also thanked the Ministers of Foreign Affairs, Finance and Petroleum
at OPEC countries as well as Members of OPEC Summit Preparatory Committee for their
efforts that contributed to the success of the summit under the auspices of the
Custodian of the Two Holy Mosques.
"You, the Custodian of the Two Holy Mosques, demonstrated again your ability to
lift the challenges and bear the historic responsibilities as always you in all
issues concerning the best interests of the peoples of OPEC countries, as you recently
demonstrated at the Arab summit in Riyadh", he said.
"The long-term strategy adopted by Riyadh summit is keen on maintaining the vital
balance in the interest of future generations. The Riyadh Declaration embodies the
principles and objectives that OPEC is looking forward since its establishment,"
he added.
Then, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz thanked
again the leaders and heads of the delegations of OPEC member countries, wishing
them a happy journey.
Following that, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz
Al Saud, President of the Third OPEC Summit, thanked the leaders and heads of the
delegations of OPEC member countries for their efforts and cooperation to the success
of the summit.
The monarch said "I pray to the almighty Allah for our success for the interest
of our peoples and the whole world".
Then, the Custodian of the Two Holy Mosques presented President Abdulaziz Bouteflika
of Algeria to deliver a speech.
In his speech, Bouteflika expressed in his own name and on behalf of OPEC leaders
the sincere thanks and gratitude to the Custodian of the Two Holy Mosques King Abdullah
bin Abdulaziz for warm welcome and generous hospitality since their arrival in Riyadh.
Bouteflika also thanked the Ministers of Foreign Affairs, Finance and Petroleum
at OPEC countries as well as Members of OPEC Summit Preparatory Committee for their
efforts that contributed to the success of the summit under the auspices of the
Custodian of the Two Holy Mosques.
"You, the Custodian of the Two Holy Mosques, demonstrated again your ability to
lift the challenges and bear the historic responsibilities as always you in all
issues concerning the best interests of the peoples of OPEC countries, as you recently
demonstrated at the Arab summit in Riyadh", he said.
"The long-term strategy adopted by Riyadh summit is keen on maintaining the vital
balance in the interest of future generations. The Riyadh Declaration embodies the
principles and objectives that OPEC is looking forward since its establishment,"
he added.
Then, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz thanked
again the leaders and heads of the delegations of OPEC member countries, wishing
them a happy journey.
Following that, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz
Al Saud bid farewell to the leaders and heads of the delegations of OPEC member
countries, wishing them a happy journey.
The closing session was attended by the official Saudi delegation headed by Crown
Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation
and Inspector General. The Saudi delegation includes Prince Abdulrahman bin Abdulaziz,
Deputy Minister of Defense and Aviation and Inspector General; Prince Badr bin Abdulaziz,
Deputy Commander of the National Guard; Prince Naif bin Abdulaziz, Minister of Interior;
Prince Salman bin Abdulaziz, Governor of Riyadh Region; Prince Saud Al-Faisal, Minister
of Foreign Affairs; Prince Abdulaziz bin Salman bin Abdulaziz, Assistant Minister
of Petroleum and Mineral Resources for Petroleum Affairs; Dr. Abdulaziz bin Abdullah
Al-Khowaitr, Minister of State and Cabinet Member; Dr. Ghazi bin Abdulrahman Al-Gosaibi,
Minister of Labor; Mohammed bin Ali Al-Fayz, Minister of Civil Service; Ali bin
Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources; and Ibrahim bin Abdulaziz
Al-Assaf, Minister of Finance.
Also, the closing session was attended by Prince Miqren bin Abdulaziz, Chief of
General Intelligence; a number of princes; Chairman of Shoura Council; and a number
of ministers and senior civil and military officials.
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