Development of oil market to be considered at OPEC headquarters

The International Institute of the Fuel and Energy Complex (MITEK) of the Moscow State Institute of International Relations (MGIMO) of the Russian Foreign Ministry and the OPEC Secretariat will hold a seminar in Vienna in January 2003 on the problems of the development of the world oil market, taking into consideration the situation surrounding Iraq. This was stated by MITEK director Professor Valery Salygin.

In his opinion, "it is very important that official representatives of the biggest energy powers and the leading international experts should consider the possible short-term and long-term perspectives of the future developments and map up the ways for stabilising the situation on the oil market." Valery Salygin believes that the stepping up of tension with regard to Iraq can provoke a sharp increase in oil demand as against its consumption that may be caused by the reduction in the general amount of deliveries. At the same time, he pointed out, a number of ministers of the OPEC member countries have already stated that if this situation caused a sharp rise in the oil demand, the OPEC would take steps to stabilise the market.

The professor said that the situation surrounding Iraq was discussed at the 121st session of the OPEC Conference in Osaka on September 19, this year. Analysing the situation on the oil market, its participants have come to the conclusion that in the fourth quarter of the year only a usual seasonal growth in the consumption can be expected.

MITEK is one of the leading Russian educational centres for training internationally recognized specialists for the oil and gas complex.