Organization of Petroleum Exporting Countries sovereigns and heads of state ended their first summit in 25 years with a document calling for oil market stability and fair prices.
They also expressed concern regarding taxation policies in industrialized countries, urged the need for dialogue between producers and consumers, and guaranteed a secure supply of petroleum.
The leaders of the OPEC member nations did not say exactly what price they want for their exported oil.
In their speeches and in the declaration, they simply referred to a price of oil that should be fair, just, reasonable, sustainable, acceptable, remunerative, and stable.
Leaders comment
Host country Venezuela's Pres. Hugo Ch
"As a result of this summit, OPEC has emerged much stronger, moving along one path, conserving differences of focus, because we are friends of the diversity of ideas," Ch
Saudi Arabia's Crown Prince Abdullah bin Abdulaziz said, "The drastic transformation in the conduct and mode of relations" that has occurred since OPEC was created 40 years ago "calls for a review of the traditional function of the organization and the manner of coping and dealing with current opportunities and challenges with opened minds."
Expressing his concern regarding high oil prices, he said consuming nations should ease "the burden on the ultimate consumer by reducing the excessively high taxes on petroleum."
Iranian Pres. Mohammed Khatami claimed that "market stability and the security of supply must be achieved through cooperation of all parties involved without the imposition of cost on the producing countries alone." He called for cooperation between OPEC and non-OPEC producers "in formulating a plan for the efficient operation of the oil market."
