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CHAPTER ONE
Developments in Global Markets
surrounding the global economic recovery, especially in OECD,
which resulted in repeated revisions concerning the global economy
and global oil demand growth. Thus, OPEC was keen to play its role
as a major oil market supplier. Reflecting its sense of responsibility
towards the oil market , OPEC kept meeting market needs, which
had a significant impact on the stability of the market and prices
during the year.
Through frequent monitoring of the global oil market situation,
OPEC held two ordinary meetings in the course of 2012. Below are
some details of those meetings:
OPEC held its first ordinary meeting at its headquarters in
•
Vienna on 14 June 2012. The Conference reviewed recent oil
market developments, noting that the heightened price volatility
witnessed during the early part the year 2012 was a reflection of
geopolitical tensions and increased levels of speculation in the
commodities markets, rather than solely a consequence of supply/
demand fundamentals. The Conference observed, however, that,
more recently, downside risks facing the global economy, e.g.
heightened Euro-zone sovereign debt concerns and the consequent
weakening economic outlook, with its concomitant lower demand
expectation, continue to mount. In light of this, the Conference
decided that Member Countries should adhere to the production
ceiling of 30.0 mb/d.
In its second ordinary meeting which held at its headquarters
•
in Vienna on 12 December 2012, The conference reviewed the
oil market outlook, noting that the price volatility witnessed
throughout 2012 remained mostly a reflection of increased
