*** ** our ****** ** **** ******* ************

**

** *********** ** *** **** *** ********** have ****** *********** **** the *********** of ****** ********* because ** OPEC we ****** imagine *** **** of effective diplomacy ******* cooperation!
****

******

*** ******* ** *** ******* ** cooperation ** ********* **** *** us **** ** the **** ******* which *** drafted shortly ***** *** ********** **** begins: ********** ********* aim ** *** Organization ***** ** *** coordination *** *********** ** *** ********* ******** ** Member ********* *** the determination of the **** means for safeguarding ***** ********* ************ and ******************** It continues:

**********

Organization shall devise **** and means of ******** the ************* of ****** in ************* ******* with a **** to eliminating ******* *** *********** ************* ********** ****** shall

be

given ** all ***** ** *** ********* of *** ********* nations *** ** *** ********* ** ********* * steady ****** ** *** ********* ********** an ********* ******** *** ******* ****** ** ********* ** ********* nations; *** a **** ****** ** ***** capital ** ***** ********* in the ********* **************** ** ********** *** full

************

** **** declaration you must appreciate the ********** context
**** **** five ************* **********

*********

******* **** **** *** ****** East *** the ***** Venezuela **** ******** across *** ***** ******* ******* ****** ** safeguard their ********** ******** ********* at * time **** the ************* petroleum ******** ******* *** ****** ****** Union *** ***** *** **** **** ** *** *********** ********** powers Much ** *** ********** ***** was still ********* ** ******** ******** ********* even ****** **** centuries-old ******** *********** *** gradually ***** dismantled ****** **** ********* *** already ****** ************ ** **** *** others ***** soon ******* ** **** a ******* *** formation

of

**** was * ***** *** a ********** act ** *** that ************ **** even ********** countries *** ****** **** ***** ********** natural ********* **** **** **** **** a *********** *** the rich consumer ******* ** ** ****** *** of *** ****** as and **** these ******* ****** ****** **** ****** at ** **** way *********** ******

****

*** * ******** ** ***** *** **** backbone has ******** as **** *** ***** over the ***** ******** an *********** ********* ****** of *** ****** energy ********** ***** oil-producing developing ********* ****** **** in ***

****

******

***

* **** ********* *** ******************** ***** to ***** ****** **** Africa *** South-East **** *** *********** its ******* **** of *********** **** **** *** ********* to ************ ************ objectives ** ******** ***** and ********* ** *** ************* oil ****** **** secure ****** ****** demand ********** ****** *** fair returns ** ********** *** **** ***** ******* ******** in *** ********** **** *** *

***********

of ***** ****** ************ ***** ***** was the gradual erosion ** *** *** ***** structure in *** ***** 1980s *** its ******** collapse ** **** ***** ****** severe ******** ********* and huge ******* ****** for *** ********* ******** ***** *** * *********** ********* ** ************ ****** ********* *** ** *** sizeable **** of market ***** ***** the **** ***** And ******* there was *** *********** ** ******** ********* ***** **** **** ******************** ******** were ******** ****** *** **** **** required ******* ** ********* these
** ***** words ******** ********* ******* **** both *** developing *** developed

******

*******

***

******* ************ what OPEC *** been ****** *** years **** *********** is vital for *** ongoing welfare ** *** ************* *** ******* ** *** only * ****** ** time ****** **** process ********* *** further *** ****

********

****

*****

******** in ***************** ******** ** *** ***** in tandem **** the ****** profile ** *** ************* ****** ***** whose ******** ******* was ** provide *** ******* *** **** dialogue This ******* received its ****** seal ** ******** with *** ****** ******** to ********* * permanent Secretariat for **** ***** in an OPEC ****** ******* ***** Arabia
When ********* ** **** ****** ***** seems ****** ***** **** *** concept ** cooperation ****** the ***** oil

********

**

***

**************** ******* ******** ** course **** ** *** complexity ** **** ******** *** the ********** ****** *** ********* **** ****** ** **** ***** ** ***** ****** ** ***** for *********** But ***** the *** ** *** ***** ***** *** come *** ***** *********** **** *** ******** ** better-off ** there ** an underlying ********* ** at ***** *** major ****** **** ******* *** ******* ******* such as pricing ********* ******** ** ****** *** supply investment ************* issues and sustainable *********** * *** ** ******** has been **** in this ****** thankfully *** this is not ******* *** situation ** ******** ********* *** *** gas sector ***** at * global level the ******* of cooperation ** less ****************

****

is

******

******* ** *** ******** nature ** *** *** ******** although this *** ** ******** now in *** ***** ** current ************ **** ********* natural *** ***** ** *********** * ****** dimension to *** ****** Also ***** *** gas is *** ** critical ** *** overall ******* ** *** ****** ******** society ** **** ******* — ***** ******* **** *** ****** **** **** *** ** ********** ** gas ***** *** **** ** choice *** ***************** Furthermore *** ************* *** sector ***** *** ***** be described ** ********** young has **** ** *** advantageous ******** ** ********** **** *** ******* ** ******* *** ******** **** of *** ******** **** ** the oil sector **** *** past ******* and * **** *** ******* * ****** ********** ** *** reserves *** ** ***** ***** ** consumer ******* *** **** ***** *** flow of *** **** *** source ** its final ************ However this ** **** * ****** ** degree ******** **** *** *** ****** and the need *** *********** in *** gas ****** ** *****

***

as

real

as ** ** *** oil **** ** **** more the **** when you ******** *** bright ****** ********* *** gas the **** **** ****** for gas ** ******** to **** ******** ** the ****** ******* *** that ** **** ******** its ***** ** the ****** ****** *** ************ *********** show this ***** ****** **** 23 per **** ** **** to ** *** cent in **** ******** **** ****** ****** **** ***** be *** ********** points below that ** *** ***** market ***** **** ******* slightly ** ** *** **** ** **** ******* The ****** ********* of *** *** Exporting Countries ***** recognises *** **** *** ********** ** issues of ****** concern ** gas producers *** *** **** is ******

**

grow

in

*** ****** *** ********** ******** ***** OPEC ****** Countries *** Russia The **** that these eight ********* *** **** ******* *** ********* ****** **** ** further ********* benefits in ***** ** *********** ****** *** two ******* ******* ********* ******** The ******* **** *** ** this ** that *** petroleum industry ******* **** *** *** gas — ** ************* ******* dialogue ** ** ***** to ****** ******* and ****** **********

****

is

a

******* *********** because the ********** *** ********** ******** *** diverse ** ****** — ********** ***** **** ***** two hydrocarbon ******* *** moreover ******** **** each ******* ************ present policy is ** ****** **** the ************* *** market ** ************* **** ***** **** reasonable ****** ****** *** ********** ********** *** ***** at ******* ****** ****** * **** ** US ************

a

******

***

OPEC’s Reference Basket ** seven crudes ***** is *** range we have identified ** ********* *** ********* ** ********* *** ********** *** *********** ** **** ****** allows *** the ************** ******* ************ ** ** absorbed ** ** orderly manner If prices ***** to ****** ******* the ****** ** *** **** **** ******* its ********** ********* *********** ** ******* *** situation ******* to be ***** ********* our ******************** ******** ******* the support of ******** ********* *** **** ******** has **** **** in **** regard ** recent ****** In **** ******** markets *** prices are **** ** oil ****** ********* * sound pricing ****** *** *** ** **** ********** ** *** **** ******** ** added ********* ** oil producers with * *** involvement **

***

***

******

to support *** ******************** ********* ******* at *** longer term demand ** ******** ** ******** growing ******** in the ***** decades of **** ******* OPEC’s ***** ****** ***** ********* * 41 *** **** **** in world oil ****** **** ** million ******* * day

**

****

**

*** **** ** **** ** ******** **** ****** ****** for *** — 78 *** **** — **** ** ** ** million barrels ** *** equivalent * *** ** *** **** ******* ******* ************ *** ********* ** **** ************ ********* *********** ************ for environmental ******* make **** **** than an issue ** **** ******* *** *** ********* ******* even **** ******* ** *** light ** *** ********** ********* ** ***** ******* ** **** ******* ******

dynamics

*******

*****

******* ************* *** *********** ********** ***** ************* ****** *********** *** *********** *********** ***** ** * **** range of choices ********* about *** ************* ****** options ** ***** ************* The *************** ******* itself *** * ******* *** of ************* **** ****** day-to-day ************ ** international ********* involving governments ***** ********* ** a mixture ** **** ***** ******* *** **** ***** ** energy diplomacy **** *** **** decade ********* ** particular *** *********** ** ***

Soviet

*****

***

this *** *********** ******* a *********** ***** ** *** ***** ****** ****** *** **** **** has ****** ** this ******* *** ******* an array ** ****** ******* ** the present *** ****** welfare ** *** international *** ****** ** **** **** ******** ******* ** the preserve *** ********* of ***** oil ** *** ************* leading ****** ****** *** ** ******

*********

**

OPEC’s

**** commitment ** secure stable *** ****** This ***** ************ **** the **** **** *** 11 ****** Countries possess ****** *********** ** the ************* ****** ***** *** ********* OPEC’s *********** ******** ** the *** ****** ******* ***** *** ****** ********* hold ****** **** *** world’s ****** natural *** reserves ******* **** ******* ********* ** ************ central **** ** ****** ****** ******* ****** *** gentlemen
** **** moved ******* * **** way ***** ********* 1960 **** * ***** ** five

oil-producing

**********

*********

**** a ******** ** ********* **** **** other *** **** **** *** world ** ********* ** * **** ********* place now *** *** basics ******* *** ***** stability ******** *********** equity *** *******

***

these

********

together ** ************

Thank

***