Third OPEC summit Held in Riyadh

Third OPEC Summit Held in Riyadh

11-21-2007

The third summit of the Organization of Petroleum Exporting Countries (OPEC) has kicked off in Riyadh, with heads of state in attendance.

The OPEC heads of state are scheduled to consider developments related to oil, including ways to promote joint cooperation between member states.

Iran, Saudi Arabia, Algeria, Indonesia, Iraq, Kuwait, Libya, Angola, Nigeria, Qatar, Venezuela and the United Arab Emirates are 12 members of OPEC.

The leaders are also considering supply of world oil needs, protection of the environment and the long term and general policies of the organization in the summit.

Iranian President Mahmoud Ahmadinejad accompanied by ministers of foreign affairs, oil, economy and finance represents the Islamic Republic of Iran at the summit.

The price of OPEC basket of twelve crudes stood at 88.71 dollars a barrel on Monday, compared with $87.54 the previous Friday, according to OPEC Secretariat calculations released on Tuesday.

Ministers of foreign affairs, oil, economy and finance from member states had separate meetings on Friday evening and discussed OPEC future goals and policies.

The Saudi government has declared Saturday and Sunday as holidays for schools, universities and governmental centers in Riyadh as a security measure.

The first OPEC summit was held in Algeria in 1975.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.