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Minister of oil of Iraq and president of conference, Abdul KarimLuabiBahedh at the opening ceremony of 162nd meeting of OPEC conference:

Excellencies, Ladies and gentlemen,

I welcome to the women of Vienna for participating in 162nd meeting of OPEC conference. And this is a pleasure for me address this conference. And I am really thankful to the participants who make this conference successful by making sure their participation.

I would also like to thank to the minister of oil of Libya Dr Abdel Bari who is attending this conference for this first time and he made sure to participate in this conference. This is a great pleasure for me to have meeting with this kind person. I am also thankful to his predecessor, his Excellency Eng. Abdurehman Bennyza who made sure to participate in his conference during his office timings. And I am really thankful to all of the honourable guys participated in this conference.

AS we reach the end of the year we have faced the uncertainty about the oil prices and its market. This shows our negligence towards economic front and this is our lack of vision. If we look at the global economy than it is finding us that it has seen a consistent declaration from the start of the year. Weakening recoveries of Japan, austerity driven Euro-zone, major signs of slowdown of the major economies have provided the main factor behind this development. By this in view, oil demand goes down as per forecasted. And if we come to OPEC, then we also find that the OPEC natural gas and non-OPEC supply output have continued to perform very well in these conditions. If we consider this trend in the coming year then we can say that this trend is expected no change with the market continue to observe volumes of crude oil and increase in oil supply. яндекс

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