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by Michael Thurston and Patrick Moser CARACAS (AFP) - The OPEC oil-producing cartel pledged to work for fair and stable prices and called for talks "at the highest level" with consumer countries, at the end of a landmark summit Thursday.
But in a 20-point Caracas Declaration agreed after the two-day gathering in the Venezuelan capital, heads of state also reiterated concern over high taxes levied by consumer states on oil products. Venezuelan President Hugo Chavez said the Organization of Petroleum Exporting Countries (OPEC) cartel had "triumphed" at the summit, only the second in its 40 year history. "With this declaration we are back on track .. We have relaunched a united OPEC before the entire world," he said. OPEC leaders have been seeking to calm world oil markets, which have seen prices soaring to 10-year highs in the last few weeks, sparking warnings of global economic slowdown and protests, notably in Europe. But most OPEC leaders gathered for the summit, the first such gathering in 25 years, rebuffed any immediate prospect of a new production hike, following three increases in the last 12 months. They insisted that any decision on increasing production must wait until a meeting of OPEC oil ministers scheduled for November 12th in Vienna. The Caracas Declaration said OPEC was firmly committed to "continue providing adequate, timely and secure supplies of oil to consumers at fair and stable prices." "Such policies are to contribute to market stability and sustainable growth of the world economy," it said, stressing "the strong link between the security of supplies and the security and transparency of world oil demand." OPEC meanwhile agreed to "actively seek new and effective channels of dialogue between oil producers and consumers, for the purposes of market stability, transparency and sustainable growth of the world economy. In this respect the declaration underlined that a meeting of OPEC countries and consumer states in the Saudi capital of Riyadh starting November 17th was an ideal venue for dialogue. The meeting "will be an excellent opportunity for dialogue in which consumer countries are invited to attend at the highest level," said the declaration. Chavez added: "OPEC is willing to hold dialogue at all levels, at the technical, ministerial and the heads of state level." Addressing what the oil cartel considers excessive taxes industrialized countries levy on petroleum products, the declaration said, "OPEC calls upon them to reconsider their policies with the aim of alleviating this tax burden for the benefit of consumers." World oil markets, which had expected little concrete from the Caracas summit, got some good news Wednesday when OPEC heavyweight Saudi Arabia pledged to pump as much oil as the world needed. "The Kingdom of Saudi Arabia is willing and ready to offer whatever quantity is needed to stabilize the market," said Crown Prince Abdullah Bin Abdel Aziz, sending oil prices briefly below $30 Thursday. But his comments were the only specific pledge for more crude at the two-day summit - and contrasted strongly with other delegates' warnings. "We have excess supply on the market," said Iranian Oil Minister Bijan Namdar Zanganeh, echoing the caution of OPEC countries which rely heavily on oil revenues, and some of which are already producing to their limit. The severity of the global oil crisis was underscored by the United States' decision last week to tap into the Strategic Petroleum Reserve (SPR), a move not taken since the Gulf War. The assembled leaders also include Iranian President Mohammad Khatami, Indonesian Abdurrahman Wahid, Nigerian President Olusegun Obasanjo and Iraqi Vice President Taha Yassin Ramadan. |
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