The representatives of member countries of the Organisation of Petroleum Exporting Countries (OPEC) met on Monday (9 June) in Libreville, capital of Gabon.
The representatives of member countries of the Organisation of Petroleum Exporting Countries (OPEC) met on Monday (9 June) in Libreville, capital of Gabon. President Albert Bernard Bongo of Gabon opened the conference, which was expected to last three days. At the formal opening session, the President said that OPEC remained prepared at any time to re-open the preliminary talks with oil importers that collapsed in April. But all raw material prices must be discussed simultaneously - not just oil. He called for "global negotiations on all raw materials including petroleum".
He went on to say "We are in favour of negotiations without exclusion with OPEC taking part as an integral part of the Third World. This negotiation is becoming more and more imperative because the gap between the rich and poor countries is becoming dramatically deeper."
President Bongo said that such negotiations were equally important because the purchasing power of the poor countries was being dangerously eroded because the OPEC countries had voluntarily decided to freeze petroleum prices "in the higher interest of mankind".
On Wednesday, due to be the last day of the conference, the Iranian delegation announced that the major oil exporting countries had decided to adopt special drawing rights (SDR's) as their new accounting unit, instead of the dollar as from 1 October.