OPEC heads of state to stress commitment to market stability
OPEC heads of state are to underline their commitment to market stability in a declaration they will adopt at the end of a two-day summit here, Algerian Oil Minister Chakib Khelil said on Monday.
The minister told AFP that a draft of the final declaration, prepared ahead of the historic meeting, calls for such summits to be held "more regularly, to give a signal at the highest level that we want stable markets."
The Caracas summit is only the second such gathering in the 40-year history of the Organization of Petroleum Exporting Countries (OPEC). The previous summit was held in Algiers in 1975.
Khelil said the draft calls for OPEC summits to be held every five years. He said the document also calls for cooperation between member states in developing specific oil-related joint projects and for regular consultations with consumer countries.
The draft also addresses environmental issues and the financing of an OPEC fund to assist developing countries, the minister said.He indicated that the document does not address prices and production, which he said were not on the agenda for at the September 27-28 summit. "I doubt we will discuss production," the minister said.
He said it was also unlikely that the ministers would discuss current tension between Iraq and Kuwait, as this would amount to interference in the domestic affairs of member states.Tension grew last week when Iraqi President Saddam Hussein, who is not taking part in the summit, accused Kuwait of stealing some 300,000 barrels a day along the common border.
The Caracas declaration will be discussed by foreign, finance and oil ministers of the oil cartel before it is presented to the full summit on Wednesday, Khelil said.—AFP.
©--Agence France Presse.