RIYADH, Nov 18: Opec pledged to provide “adequate, timely and sufficient” oil supplies to the market and voiced concern about global climate change.
In a final declaration on Sunday from a summit meeting of its heads of state, the organisation also said it recognised the importance of energy in fighting poverty, but made no mention of the weak dollar.
“We affirm our commitment...to continue providing adequate, timely and sufficient oil to the world market,” said the statement issued after two-day summit in the Saudi capital Riyadh.
“We recognise that energy is essential for poverty eradication,” it said, calling on consuming nations to pursue fair international trade practices. “Eradication of poverty should be the overriding global priority.”
Opec’s backing for the fight against global warming came as Kuwait pledged $150 million towards research into energy and Saudi Arabia said it would give $300 million for environmental research.
Other leaders were reluctant to make similar promises. “We are not committing anything. We don’t know what the proposal is,” Algerian Energy Minister Chakib Khelil said.—Reuters
