The opening address to the 162nd Meeting of the OPEC Conference, by HE Abdul-Kareem Luaibi Bahedh, Minister of Oil of Iraq and President of the Conference:
Excellencies, ladies and gentlemen,
Welcome to Vienna for the 162nd Meeting of the OPEC Conference.
I should like to extend a special welcome to His Excellency Dr Abdel Bari Ali Al-Arousi, the Minister of Oil and Gas of Libya, who is attending the Conference for the first time as Head of his Country's Delegation. Let me also thank his predecessor, His Excellency Eng Abdurahman Benyezza, for his contributions to the Conference during his time in office.
As we approach the end of the year, we are faced with a period of continuing uncertainty about the oil market outlook. To a great extent, this reflects the lack of a clear vision on the economic front. The global economy has experienced a persistent deceleration since the beginning of the year. The combination of an austerity-driven Euro-zone, the weakening recovery in Japan and clear signs of a slowdown in major emerging economies has provided the main factors behind this development. In the light of this, world oil demand growth forecasts for this year have been revised down frequently. At the same time, non-OPEC supply and OPEC natural gas liquid output have continued to perform well, outpacing demand growth. This trend is not expected to change in the coming year, with the market continuing to see high volumes of crude supply and increasing production capacity.