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1、60th AnniversaryRemarks by the Secretary GeneralThis year, the Organization of the Petroleum Exporting Countries will mark its Diamond Anniversary in September, celebrating six decades of unparalleled success and laying the groundwork for future achievements.I would like to take this opportunity to
2、extend my congratulations, as well as my gratitude and appreciation, to our Member Countries for their continuous support; the Heads of Delegation for their distinctive leadership, particularly during challenging times; the Members of the Governing Boards for their wise guidance; and the Secretariaf
3、s Members of Management and staff for their tireless efforts.The year 2020 has been marked by one of the greatest global challenges of modern times, the COVID-19 pandemic. Beyond the terrible human suffering it has caused, it has triggered one of the worst global economic recessions and oil market d
4、ownturns in OPECs history.These unfortunate circumstances propelled OPECs 13 Member Countries to intensity our efforts in coordination with non-OPEC oil-producing countries participating in the Declaration of Cooperation. Together, we have reduced volatility and supported the return of much-needed s
5、tability in the global oil market. In the face of the COVID-19 market slump, this historic cooperation resulted in the largest and longest production adjustments in the history of the oil sector.The importance of these efforts was recognised at the highest levels of government and by other organisat
6、ions, including the G20 Energy Ministers, Argentina, Brazil, Canada, Colombia and Norway, along with the African Petroleum Producers1 Organization (APPO) and the IEA.These noble efforts, which have been undertaken in the interest of producers, consumers and the world economy at large, followed the p
7、rinciples of inclusiveness, transparency, equity and fairness. These are the same principles that have underpinned OPEC throughout its first 60 years.OPEC was founded on 14 September 1960 in Baghdad, Iraq, by five oil-exporting countries - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They decided
8、 to join forces to safeguard their legitimate rights and exercise control over their petroleum resources.Looking back to its early days, very few thought that the OPEC would evolve and emerge as a strong and influential actor in the energy industry. The solid foundation built by its foresighted Foun
9、der Members has served the Organization as guiding values during periods of prosperity, as well as challenges, enlightening its path to recognition within the global energy community.Statutorily, OPEC has been committed to three key objectives since its founding. These objectives are: securing a ste
10、ady income for the producing countries; ensuring an efficient, economic and regular supply of petroleum to the consuming nations; and bringing about a fair return on capital for those investing in the petroleum industry. Almost six decades after their initial endorsement, they still form the key fou
11、ndation for the Organizations decisions and discussions.The serious responsibilities and duties of the Organization were recognized and further supported at the Summits of OPECs Heads of State and Government, which were held in Algiers in 1975; Caracas in 2000; and Riyadh in 2007. These Summits saw
12、our Member Countries issuing sets of recommendations in the form of Solemn Declarations, which have set out a visionary future for OPEC.Fable of ContentsTable of ContentsOil Market HighlightsvFeature ArticleviiAssessment of the global economy in 2020 and 2021viiCrude Oil Price Movements1Crude spot p
13、rices1The oil futures market3The futures market structure4Crude spreads5Commodity Markets7Trends in selected commodity markets7Investment flows into commodities8World Economy10Global10OECD12Non-OECD17The impact of the US dollar (USD) and inflation on oil prices25World Oil Demand26World oil demand in
14、 2020 and 202127OECD28Non-OECD31World Oil Supply36Main monthly revisions37Key drivers of growth and decline37Non-OPEC liquids production in 2020 and 202138OECD39Non-OECD46OPEC NGL and non-conventional oils50OPEC crude oil production50World oil supply51Product Markets and Refinery Operations52Refiner
15、y margins52Refinery operations53Product markets53Table of ContentsTanker Market57Spot fixtures57Sailings57Dirty tanker freight rates58Clean tanker freight rates59Crude and Refined Products Trade60US60China61India62Japan62OECD Europe63FSU64Commercial Stock Movements65OECD65US67Japan68EU-15 plus Norwa
16、y69Singapore, Amsterdam-Rotterdam-Antwerp (ARA) and Fujairah69Balance of Supply and Demand71Balance of supply and demand in 202071Balance of supply and demand in 202172Appendix73Glossary of Terms79Abbreviations79Acronyms79Crude Oil Price MovementsCrude Oil Price MovementsCrude oil spot prices extended their gains in August, climbing to a six-month high as physical market
