• The Speech of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah to the III OPEC Summit, Riyadh,  17-18/11/2007
The Speech of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber
Al-Sabah to the III OPEC Summit, Riyadh,
17-18 November 2007

In The Name of Allah, The Merciful, The Compassionate

The Custodian of the Two Holy Mosques,
The Brother King Abdullah Bin Abdulaziz Al Saud,
King of Saudi Arabia and President of the third OPEC Summit,
Your Highnesses and Eminencies,
Your Excellencies Ministers,
Ladies and Gentlemen,

Peace, mercy and blessing of Allah be upon you all.

It gives me a great pleasure in this occasion, and my delegation, to extend sincere thanks and gratitude to my brother the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud, and to his government, and the Saudi people for the most warm welcome and for the authentic Arabian hospitality extended to me and my delegation. We would like to congratulate His Highness for his well organized presidency of the summit wishing him all success. We also would like to thank His Excellency the Venezuelan president Hugo Chavez, for his presidency of the previous OPEC Summit. I would like to take this opportunity to welcome Ecuador's return and Angola's membership of OPEC.

Nor can I Fail to express my deep appreciation to all who contributed to the good preparation for this summit, at which we were pleased to see the participation is at the highest levels, which reflects the interest to Member States and their eagerness to communicate and work together to achieve prosperity of the world economy.

The Custodian of the Two Holy Mosques,
Your Highnesses and Excellencies,

Since the Second OPEC Summit was held in Caracas in 2000, the global oil market has witnessed several structural development and changes, which posed more challenges and encumbrances to the OPEC and its member counties. Such challenges mainly included steadily high demand for oil in some developing countries with nascent economies, security and political circumstances in some oil producing countries, regional conflicts, current global political tensions, limited refining capabilities in major consumers; speculations in future oil contracts at world bourses, and surging oil taxes, which resulted in rise of the prices. Therefore, both producers and consumers are required to work together to ensure a stable oil market in order to spur and stimulate global economic growth.

In spite of such circumstances and developments, the organization managed to meet its commitments towards international oil markets by means of adopting carefully considered, flexible and balanced productive policies and maintaining its role towards its members and their people as well as the entire world thanks to its members' cooperation and solidarity.

Certainly, the OPEC will continue to play an active and significant role at oil markets and to support their stability through the provision of oil supplies to consumers at just and fair prices for both producers and consumers alike.

The current instability in the oil markets negatively affecting least-developing countries, the organization and its member countries, through the OPEC Fund and their national funds have and continue to provide bountiful aid and assistance to less developed and poorest countries.

We, as oil producers, always work to meet our joint responsibilities and commitments to balance between safeguarding our oil resources and ensuring energy supplies to the world markets, and urging more cooperation among the national oil companies, as well as to enhance strategic and technological cooperation with international oil companies and research centers in order to boost our oil reserves, production and refining capacities, and to fulfill the environmental obligations.

Fulfilling the growing world energy needs is a joint responsibility, although we acknowledge that oil would remain a main source of energy, especially in the transportation and petrochemicals sectors, we are aware of the importance of exerting more efforts to support scientific research to produce a cleaner oil fuel. We are also aware of the significance of research and development for the use of solar energy in power generation.

In this context, we highly appreciate the initiative of the Custodian of the two Holy Mosques to allocate USD-300-milloin as a nucleus for a program that funds scientific research pertinent to energy, environment and climate change.

To respond to my brother the custodian of the Two Holy Mosques call, Kuwait announces a donation of USD 150 million to support this program, urging other members of the Organization to make more efforts in this domain.

The Custodian of the Two Holy Mosques,
Your Highnesses and Excellencies,

The State of Kuwait, since it began oil production has been keen on optimally exploiting this non-renewable vital resource, out of belief in the significance of oil as a main income source and feeling of responsibility towards fulfillment of global oil needs.

As an OPEC co-founder, Kuwait has adopted a balanced oil policy within the Organization based on cooperation with its member countries with a view to ensuring a stable world oil market.

In the field of environmental protection, the State of Kuwait has enacted local environmental legislation and laws and endorsed several international environmental agreements, mainly the UN Framework Climate Change Treaty and Kyoto Protocol.

To sustain oil production and development to meet increasing oil needs, is vital to us as a producing country, because we are part of this world that determinedly seeks maximum economic development, security and stability of its states as well as prosperity and welfare for its peoples.

In conclusion, we reiterate our thanks and appreciation to the Kingdom of Saudi Arabia, government and people, for hosting this summit, and wish our discussions and negotiation all the success and prosperity.

Peace, mercy and blessing of Allah be upon you all.



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