2001年-OPEC公报_OB042001_56页_1mb

OPEC Summary

Core Content

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization established in 1960 by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization's primary objective is to coordinate and unify petroleum policies among member countries to secure fair and stable prices for petroleum producers, ensure efficient and regular supply to consumers, and provide fair returns on investment for those involved in the industry.

OPEC comprises 11 full members, with additional members joining over the years, including Qatar (1961), Indonesia (1962), Libya (1962), UAE (1967), Algeria (1969), and Nigeria (1971). Some members, like Ecuador and Gabon, have left and re-joined the organization at different times.

Main Views

• Healthy oil prices are essential not only for OPEC members but for the entire oil industry and the global economy. They ensure investment in exploration and production, which is critical for meeting future oil demand.
• The price band mechanism (set at $22–28 per barrel) is used to guide OPEC's production decisions, aiming for price stability.
• Investment is a key factor in maintaining the oil industry's long-term viability. OPEC members, holding over three-quarters of global oil reserves, are expected to attract most of the necessary investment.
• Price volatility can lead to economic instability for both producers and consumers, as seen during the 1998–99 price slump, which resulted in mergers, cost-cutting, and reduced exploration by international oil majors.

Key Information

Contact Details

• OPEC Secretariat Address: Obere Donaustraße 93, 1020 Vienna, Austria
• Telephone: +43 1 211 12/0
• Fax: +43 1 216 4320
• Public Relations & Information Department Fax: +43 1 214 9827
• Emails:
  • prid@opec.org
  • opecna@opec.org
• Website: http://www.opec.org
• Hard Copy Subscription: ATS 850 (€ 61.77) for 12 issues

Upcoming Events (April–September 2001)

Legal Issues

• The US Congress bill targeting OPEC was criticized by OPEC Secretary General Dr Ali Rodríguez Araque as violating basic legal principles.
• The bill seeks to enable legal action against OPEC members for alleged price-fixing, which OPEC views as unjustified.
• There was also an injunction by an Alabama judge against OPEC, citing anti-trust law violations. However, OPEC pointed out that international law recognizes the sovereign right of nations over their natural resources.

OPEC Bulletin

• The OPEC Bulletin is a publication that includes news, commentary, press releases, and market analyses.
• It is published by the Public Relations & Information Department and reaches decision-makers in OPEC member countries.
• Subscription and advertising details are included in the magazine, with subscription costs and advertising rates listed in specific sections.

Commentary on Investment

• The importance of investment is highlighted as the central theme.
• OPEC maintains price stability to ensure investment flows into the industry.
• Short-term price spikes in the US, such as those in gasoline and heating oil, are explained as downstream issues (distribution, refining, and environmental regulations), not a result of OPEC's actions.
• Speculation in futures markets also plays a role in price fluctuations.

Conclusion

OPEC's role in maintaining price stability is crucial for global energy security and economic growth. By ensuring fair and stable prices, OPEC supports investment in exploration and production, which is vital for meeting rising global demand. The organization remains committed to a coordinated and responsible approach, despite political pressures and legal challenges.