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Introduction
In June 1968, a Declaratory Statement of Petroleum Policy in Member Countries incorporated in Resolution No. XVI.90, was adopted. The Statement called on Member Countries to undertake, as far as feasible: Direct exploration for and development of hydrocarbon resources. To seek participation in the equity of existing concessions, and progressive and accelerated relinquishment of acreage of present contract areas. To establish conservation rules to be followed by operating oil companies. To determine posted or tax reference prices by the Government so as to prevent deterioration in the relationship of those prices against the prices of manufactured goods traded internationally.
The First OPEC Summit of Heads of State
The Solemn Declaration adopted by the first Conference of the Sovereigns and Heads of State of the OPEC Member Countries in March 1975, in Algiers, added new policy guidelines in light of the changing pattern of the relationship between producer and consumer nations. It indicated that OPEC should seek, in consultation and co-operation with the other countries of the world, the establishment of a new international economic order based on justice, mutual understanding and a genuine concern for the well-being of all peoples.
The Second OPEC Summit of Heads of State
The Second Summit of OPEC Heads of State and Government was held in Caracas, Venezuela, in 2000. The concluding Solemn Declaration II saw Member Countries reaffirm their commitment to the guiding principles of the Organization, to achieve sustainable order and stability in the international oil market, with reasonable prices and fair returns to investors. They examined oil's enhanced role in future world energy demand, emphasized the strong link between security of supply and the security and transparency of oil demand and stressed the need for improved dialogue and co-operation among all parties in the industry. They also revisited the issue of oil's service to mankind generally and of the need to tie in energy supply with economic development and environmental harmony, so as to help reduce hardship and poverty in developing nations and stimulate their economies.
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