The OPEC oil ministers said the oil market was well-supplied and recent gains were due to speculation and beyond the group’s control. OPEC is scheduled to discuss oil production for the first quarter of 2008 at a meeting in Abu Dhabi on Dec. 5.

The Saudi Arabian Foreign Minister Prince Saud Al-Faisal rejected calls by Iran and Venezuela at the summit to discuss abandoning the U.S. currency for oil sales, saying the kingdom doesn’t want the dollar to “collapse”, however also it showed his potential to generate problems to the United States and their allies.

During OPEC MEETING the oil leaders thought were private talks, Venezuela’s oil Minister Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel, but the Saudis, the world’s largest oil producers and de facto head of OPEC, vetoed the proposal. The Prince Saud Al-Faisal, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet ( ¿$US dollar vs €Euro?). The alliance between Hugo Chávez and Mahmoud Ahmadinejad has been fortified with several visits of both parts: Chávez Monday arrived at Tehran by fourth time in two years. Iran has been associated with Venezuela in several industrial projects in the South American nation, including the manufacture of automobiles, energy, plastic tractors and products, but could be an interesting bridge/way to traffic with nuclear technology in another hand Hugo Chávez and Mahmoud Ahmadinejad want to use the Cartel, like a political weapon versus George Bush´s policy.

Read the Riyadh Declaration. The Third Summit of Heads of State and Government of OPEC

|Manuel Torres Laveaga

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Several governments around the World are applied ¨green initiatives¨ to looking for a sustainable development for its countries and some of them have introduced an emissions trading schemes, (for example the Europeans countries) on the other hand its economies requires new tools to be competitive and build a healthy energy supply.

Across the Atlantic Ocean the developing countries from The Americas (like Colombia, Brasil and Mexico) are looking another kind of sustainable schemes, through projects called Clean Development Mechanism (CDM) offering to foreign companies to invest in its heavy industry and energy sector, to generate emission credits; these credits can be marketed and eventually counted against a developed country’s emission obligation

However, I think, we need to take care, because is not enough to have a good relation between a competitive economy and energy security with a climate change policy, because currently the World Economy have some problems, and on the other hand the ¨green initiatives¨ are expensive have a high costs.

For the next year we could wait to have oil prices around $100USD a barrel. The World Order, need a better dialogue between producers and consumers countries. ¿ What kind of leaders and policymakers, we have? So ¨almost¨, we need a new manner of meeting between IEA and OPEC.

|Manuel Torres Laveaga