On December 7, 2018, two day 175th Meeting of the Organization of Petroleum Exporting Companies (OPEC) Conference & one day 5th OPEC and Non OPEC Ministerial Meeting concluded in Vienna, Austria.
About the 175th meeting of the OPEC conference:
- The 175th meeting of the OPEC conference commenced on December 6, 2018, in Vienna, Austria.
- It was conducted under the chairmanship of OPEC President, HE Suhail Mohamed Al Mazrouei, the UAE minister of Energy and Industry and Head of its delegation.
In this conference the following happened:
- Qatar withdrew its OPEC membership with effect from January 1, 2019,
- HE Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of the Bolivarian Republic of Venezuela, was elected as the President of the conference for 1 year with effect from January 1, 2019,
- HE Mustapha Guitouni, Algeria’s minister of Energy, was elected as the Alternate President for the same period.
- Agustin Mba Okomo, Equatorial Governor of OPEC was appointed as the Chairman of Board of Governors for the year 2019,
- Etienne Lepoukou, Gabon’s Governor of OPEC was appointed as Alternate Chairman for the same period.
- The next Ordinary meeting will convene in Vienna, Austria in April 2019.
About the 5th OPEC and Non-OPEC Ministerial Meeting:
The 5th OPEC and Non-OPEC Ministerial Meeting commenced in December 7, 2018, in Vienna, Austria.
It was conducted under the co-chairmanship of:
- OPEC President, HE Suhail Mohamed Al Mazrouei, the UAE minister of Energy and Industry and
- HE Alexander Novak, Minister of Energy of the Russian Federation.
The following happened in the meeting:
- The OPEC and Non-OPEC countries re-affirmed their commitment on the ‘Declartion of Cooperation’ (DOC) for a stable market,
- Adjusted the overall production of oil by 1.2mb/d, effective from January 2019 for 6 months, to restore the imbalance between the global oil supply and the demand in January 2019,
- The next OPEC and Non-OPEC Ministerial Meeting will convene in Vienna, Austria in April, 2019.
♦ Headquarters: Vienna, Austria.
♦ Secretary-General: HE Mohammad Sanusi Barkindo.
♦ Member Countries: 15 (earlier), After withdrawal of Qatar it is 14 now.
♦ Founded in Baghdad, Iraq in 1960.