Energy for sustainable development -Energy and environment Stability of Global Energy Markets We recognize the importance of reliable, affordable and competitive energy supplies in ensuring global prosperity and the role of petroleum in world energy consumption. We also recognize the leading role of our organization in meeting growing global energy needs, including those of the developing economies, and our Organization's mission of securing the efficient, economic and regular supply of petroleum to consumers, with a steady and reasonable income to the petroleum resource-owning producers and a fair return on capital to those investing in the petroleum industry. Globalization has expanded international trade and accelerated economic growth. It has also improved communications, interconnected financial markets, advanced technology and increased mobility. As a result, the world's energy trade has expanded and is projected to continue to be driven by global economic and energy demand growth. While globalization provides opportunities, it poses many challenges, such as income inequality, recurring market volatility and underlying uncertainties. The central role that petroleum plays in the economies of our Countries, as well as the world, makes petroleum market stability essential, not only for resource conservation, but also to our economic and social development. Moreover, the role of energy, especially petroleum, in the economies of the consuming countries makes energy security essential for their sustained economic growth. While we endeavour to diversify our economies and improve the living standards of our peoples, we recognize that, with globalization, the economies of the world, as well as markets, including energy markets, are integrated and interdependent. --More
