OPEC pledges adequate oil supply

 

 

OPEC heads of state pledged to provide "adequate, timely and sufficient" oil supplies to the market at the end of a summit in Riyadh today, but made no mention of dollar weakness despite the urging of some members.

"We affirm our commitment ... to continue providing adequate, timely and sufficient oil to the world

Iran's President Mahmoud Ahmadinejad gestures at the end of the 3rd OPEC Summit in Riyadh this evening.
Iran's President Mahmoud Ahmadinejad gestures at the end of the 3rd OPEC Summit in Riyadh this evening.

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.

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 moralising 'don't cut down your trees' from the first world, when they've already done it," Mr Correa said. "If Europe wants to breathe pure air from Amazon countries then the Amazon countries shouldn't have to pay for it."