The Opec press conference from the meeting in Luanda is still revving up, but here are a couple of interesting snippets form the opening address by José Maria Botelho de Vasconcelos, Angola’s oil minister and the president of this meeting:
After sounding a bearish note about the world economic outlook (Opec is widely expected to leave its output unchanged), he said:
Yet we must stress once again that it is not only OPEC that should be taking measures to balance the market. All OPEC and Non-OPEC producers should be involved in this process. They all benefit; therefore, they should all contribute. It is very hard on our Member Countries when they make sacrifices to cut back on output for the common good, only to find that other producers are stepping in to fill the gap.
Some participants in today’s meeting have travelled here directly from the climate change talks in Copenhagen. They have seen how important it is for the interests of the oil industry to be properly represented in these negotiations. We can only do that through dialogue and cooperation. This will help oil keep its rightful place in the energy mix in a cleaner, safer and more equitable world.
This a few weeks after Saudi Arabia’s lead climate negotiator told the BBC that the hacked CRU emails proved climate change isn’t caused by human activities.