OPEC stresses link between peace and oil prices

November 19, 2007 - 0:0

RIYADH (Agencies) - Leaders of the Organization of Petroleum Exporting Countries stressed the importance of world peace for the stability of oil prices, according to a final summit statement obtained by AFP on Sunday.

""We insist on the importance of world peace to guarantee investments in the energy sector and the stability of the market,"" said an Arabic copy of the statement translated by AFP.
OPEC heads of state also pledged to provide ""adequate, timely and sufficient"" oil supplies to the market at the end of a summit, Reuters reported.
""We affirm our commitment ... to continue providing adequate, timely and sufficient oil to the world market,"" said the final declaration issued at the end of the summit.
Saudi Oil Minister Ali al-Naimi later told a news conference: ""Fluctuations in the market have nothing to do with OPEC,"" adding there were many other factors affecting prices.
The group also called for more action to fight poverty and expressed concern over global climate change.
Kuwait, UAE pledge $300 million to climate fund
OPEC's backing for the fight against global warming came as Kuwait, the United Arab Emirates and Qatar each pledged $150 million towards research into climate change and the environment, and Saudi Arabia said it would give $300 million.
Other leaders were reluctant to make similar promises.
""We are not committing anything. We don't know what the proposal is,"" Algerian Energy Minister Chakib Khelil said.
Ecuador's leftist President Rafael Correa told reporters on Sunday the world's richest nations should pay for the protection of the environment in the world's poorest countries. He proposed a special tax on oil-consuming nations to pay for environmental protection elsewhere, with OPEC overseeing spending.
""It annoys us a bit, all this moralizing 'don't cut down your trees' from the first world, when they've already done it,"" Correa said. ""If Europe wants to breathe pure air from Amazon countries then the Amazon countries shouldn't have to pay for it.""
OPEC members are Saudi Arabia, Iran, Indonesia, Iraq, Algeria, Kuwait, Angola, Libya, Nigeria, Qatar, the United Arab Emirates (UAE) and Venezuela.
Iran submits proposals to OPEC summit
Iranian President Mahmud Ahmadinejad on Sunday made some proposals to OPEC members on remedying the current condition in energy supply and demand.
Addressing the third annual OPEC summit, Ahmadinejad said that devaluation of U.S. dollar has left negative impacts on world energy market.
“Due to the devaluation of U.S. dollar, oil transactions should be conducted through a combination of other major hard currencies, and oil bourses should be requested to replace U.S. dollar with other currencies,” Ahmadinejad remarked as carried by the Mehr News Agency.
The Iranian president called on OPEC members to draw up a comprehensive plan for the “production and consumption” of oil and implement the program through cooperation with other independent oil exporters.
He also urged OPEC to devise a plan to protect oil resources and establish an organization to share experiences and technologies among OPEC members.
The president stated that OPEC should reject “increasing and sometimes false demands” for oil and prevent the exhaust of energy reserves through controlling production and distribution of oil.
Protecting the resources will help the world to utilize them for longer, Ahmadinejad explained.
OPEC countries should set up a “new oil bourse” which would act in line with the member states’ national interests, said the president.
He also stated that Iran welcomes Venezuelan President Hugo Chavez’s proposal on the establishment of a specialized ""OPEC bank"" to safeguard the hard currencies of OPEC states.
It is necessary that OPEC hold meetings two or three times a year to coordinate their activities with the latest developments of the world, the Iranian president suggested