The 165th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 11 June 2014 under the Chairmanship of its President Omar Ali ElShakmak, Acting Minister of Oil and Gas of Libya and Head of its Delegation. Eng. Ali bin Ibrahim Al-Naimi, Minister of Petroluem and Mineral Resources, led the Kingdom's delegation to the conference. The Conference considered the Secretary General's report, the report of the 121st Meeting of the Economic Commission Board (ECB) and a variety of administrative matters. In so doing, the Conference listened to presentations and exchanged views on the status of multilateral negotiations on climate change; the Organization's ongoing energy dialogue with the European Union (EU); the continuing cooperation between OPEC, the International Energy Forum (IEF) and the International Energy Agency (IEA); as well as the continued collaborative work with the G-20 and other international organizations. The Conference reviewed recent oil market developments and world economic growth, as presented by the Secretary General, in particular supply/demand projections for the second half of the year, as well as the outlook for 2015, noting that the relative steadiness of prices during 2014 to date is an indication that the market is adequately supplied, with the periodic price fluctuations being more a reflection of geopolitical tensions than a response to fundamentals. The Conference observed, however, that, whilst world economic growth was projected to reach 3.4% in 2014, up from 2.9% in 2013, downside risks to the global economy, both in the OECD and non-OECD regions, remain unchecked. The Conference noted, moreover, that whilst world oil demand is expected to rise from 90.0 mb/d in 2013 to 91.1 mb/d in 2014, non-OPEC supply is projected to grow by 1.4 mb/d, with OECD stock levels, in terms of days of forward demand cover, remaining comfortable. --More 19:45 LOCAL TIME 16:45 GMT تغريد
