OPEP - Exxon - pdvsa

No 4/2008 Vienna, Austria - 5 March 2008The 148th (Ordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 5 March 2008, under the Chairmanship of its President, HE Dr Chakib Khelil, Minister of Energy and Mines of Algeria and Head of its Delegation, and its Alternate President, HE Desidério da Graça Veríssimo e Costa, Minister of Petroleum of Angola and Head of its Delegation. The Conference warmly welcomed the Minister of Petroleum of the Arab Republic of Egypt, the Assistant Secretary of Energy of Mexico, the Deputy Minister of Oil and Gas of the Sultanate of Oman, the Deputy Minister of Industry and Energy of the Russian Federation, and the Minister of Energy and Mining of Sudan, attending the Meeting as Observers.The Conference reviewed the Secretary General's report, the report of the Economic Commission Board, the report of the Ministerial Monitoring Sub-Committee — whose Members the Conference once again thanked for their longstanding efforts on OPEC’s behalf — and various administrative matters.In reviewing the prospects for the oil market, the Conference highlighted the economic slowdown in the USA, which, together with the deepening credit crisis in financial markets, is increasing the downside risks for world economic growth and, consequently, demand for crude oil.