Immediately following the commencement of hostilities in Iraq, HE Abdullah bin Hamad Al-Attiyah, Minister of Energy & Industry of the State of Qatar and President of the OPEC Conference, issued the following statement.
“We recall that, at the 124th Meeting of the OPEC Conference, it was decided that Member Countries are to respond to any supply crisis.”
“In light of the events unfolding in Iraq and the interruption of supplies from an OPEC Founder Member, in my capacity as President of the Conference, I have consulted with Their Excellencies, the Heads of Delegation to the OPEC Conference, with whom I have discussed the implementation of the above-mentioned Conference decision.”
“As a result of those consultations, I am herewith reiterating OPEC’s resolve to make up for any supply shortfall resulting from developing events.”
“To this end, Member Countries have pledged to use, in the interim, their available excess capacities to ensure continued supply.”
“In taking such measures, OPEC is, once again, acting in conformity with an objective set forth in its Statute since the establishment of the Organization in 1960, namely to secure an efficient, economic and regular supply of petroleum to consuming countries.”
“While OPEC will continue to closely monitor and react to market developments, it is hoped that the measures taken will contribute to market stability and support world economic recovery.”