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Tuesday, 23 August, 2011, 3:39 ( 1:39 GMT )
Editorial/OP-ED




Libya to Host OPEC Summit in 2012
19/11/2007 14:40:00
Photo: Libya’s top oil official Dr. Shukri Ghanem attends the opening session of the Organisation of Petroleum Exporting Countries (OPEC) summit in Riyadh. OPEC leaders committed to providing the world with reliable supplies of oil.(AFP photo)


Libya is to host the OPEC summit for the year 2012 as a result of a decision adopted by the summit on Sunday in Riyadh, Saudi Arabia.

Libya’s top oil official Shukri Ghanem confirmed the news and said on Sunday that the group is to discuss the dollar issue at the Dec. 5 meeting in Abu Dhabi.

A fall in the value of the U.S. dollar on global markets helped fuel oil's rally to a record $98.62 on Nov 7 -- causing Western consumer nations to call for more OPEC supplies to cool prices -- but it has also eroded the purchasing power of OPEC members.

The final statement of the oil cartel's summit in Riyadh did not include any reference to the dollar's predicament.

Iran and Venezuela made clear before and after the summit that they would press for action, which could include pricing oil in a basket of currencies.Such a move would be a political blow to the United States.

Iraqi Finance Minister Bayan Jabor told Reuters after the summit's close that, backed by Ecuador, the anti-U.S. powers won agreement that finance ministers would discuss the issue before a scheduled oil ministers meeting in Abu Dhabi on December 5.

"There was a proposal from Iran and Venezuela to have a basket of currencies for the pricing of OPEC oil. But a consensus could not be reached (in the summit)," he said.

"Because the final communique was already drafted, there was an agreement that OPEC finance ministers hold a meeting before the oil meeting in the UAE in December to discuss economic issues including the dollar's exchange rate," he added to Reuters.

OPEC oil ministers said last week any decision on raising output will be left to the Abu Dhabi meeting in two weeks time.

"We affirm our commitment ... to continue providing adequate, timely and sufficient oil to the world market," said the final declaration issued at the two-day summit's close.
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Comment:
just want to say awesome information and keep the great services and information continuing cant wait until i myself can attribute to such fantastic operation for all of mankind a special thanks to almighty god
Comment:
VIP List

Libya’s top oil official

Dr. Shukri Ghanem
Comment:
Congrats to Libya on being awarded the summit in 2012.

Does anyone know what month it will take place?
Comment:
the sector of oil in our great jamahiriya need more care.
i with dr/chokri in all his decisions.but i wish also give chance to libyans parts as companies or members to practises in oil sector and have the mentality of oil business.
Comment:
Libya or Algeria or other Arabian OPEC members must change their greedy behavior and start helping the unfortunate Arab brother countries who are really suffering with the need of this product.
 
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