OPEC ends summit, blames wealthy nations for oil crisis

OPEC leaders are gathered in Venezuela for the cartel's second summit since its formation

In this story: No statement on Iraq Saudis seek price stability RELATED STORIES, SITES

From staff and wire reports

CARACAS, Venezuela -- The Organization of Petroleum Exporting Countries wrapped up its summit on Thursday by signing the Caracas Declaration and challenging wealthier nations to assume responsibility for what it called a manufactured oil crisis.

OPEC Secretary-General Rilwanu Lukman suggested that those wealthy nations should put their own house in order "by ensuring that their environmental, fiscal, energy and trade policies do not discriminate against oil, thereby helping to achieve global sustainable development."

OPEC IN BRIEF Organization of Petroleum Exporting Countries Founded 1960 11 member countries who coordinate their oil production policies in order to help stabilize the oil market and to help oil producers achieve a reasonable rate of return. Supplies over 40% of world oil Controls around 78% of total proven world crude oil reserves Secretariat based in Vienna Source: OPEC  VIDEO CNN's Brent Sadler reports on the OPEC summit in Caracas, Venezuela Play video (QuickTime, Real or Windows Media) CNN's Brent Sadler explains the issues before members of OPEC meeting in Venezuela Play video (QuickTime, Real or Windows Media) CNN's Brent Sadler reports on how OPEC plans to stabilize prices Play video (QuickTime, Real or Windows Media)     MESSAGE BOARD Rising oil prices     RESOURCES World oil prices since 1985 Comparison of petrol prices in the US and Europe Gas prices in major U.S. cities Gas budget calculator How production costs affect the price of gasoline (requires Flash) The world's leading oil producers (requires Flash) CNN.com Special, Europe's Fuel Crisis     ALSO U.N. body approves $15.9 billion Kuwait oil claim against Iraq World's oil supply: How long can we count on it? Bottom of the barrel?

The Caracas Declaration calls for solidarity among OPEC members and emphasizes the need to help poorer nations. But lingering animosities among some member nations belied the cartel's efforts to present a united front to the world.

No statement on Iraq

Throughout this OPEC heads-of-state summit -- the first in 25 years -- the host, Venezuelan President Hugo Chavez, has championed the interests of developing nations. He blasted the world's industrial powers for expecting cheap energy, and complained that Third World debt is more crippling to the world's impoverished than costly fuel.

Chavez, who paved the way for the summit during a tour of the Middle East in August, urged fellow leaders to become advocates for developing nations and to join forces in fighting U.N. sanctions against Iraq.

Chavez had suggested that OPEC members draft a statement outlining the organization's position on the U.N. embargo of Iraq, but the issue was not included in the summit declaration released Thursday.

Iraqi delegate Hossein Kazempour Ardebili said his country would have "wanted to make a stronger statement."

After the summit ended, Iraqi Vice President Taha Yassin Ramadan said Baghdad would not hold oil back from the world market, which some traders had worried might happen over a Kuwaiti claim for Gulf War compensation.

"We are not going to hold back oil supplies," Ramadan said.

Saudis seek price stability

Saudi Arabia, OPEC's largest producer of oil, sought to temper the tone struck in the summit declaration by advocating prudence in discussions with industrialized nations.

To ensure that OPEC is able to supply oil at "fair" -- and profitable -- prices, Chavez said the organization will begin holding summits every five years. So far, OPEC has held just two summits in its 40-year history.

Saudi Arabian Crown Prince Abdullah bin Abdulaziz al-Saud expressed concern about high oil prices, adding that the kingdom was willing to do what it could to stabilize them.

OPEC has had little luck in keeping prices within its designated price band of $22-$28 per barrel. The cartel is supposed to raise or lower production if prices slip outside that range.

OPEC President Ali Rodriguez says crude supply exceeds demand by 2 million barrels a day and that any OPEC production decision will have to wait until an OPEC meeting in Vienna on Nov. 12.

Rodriguez said OPEC's October production will bring prices below $28. He also denied that OPEC planned to talk with the European Union, as he had announced Wednesday.

Without price stability, "we run the risk of falling into this type of hellish circle unless we put a stop to it by reaching an agreement," Rodriguez said.

CNN Correspondent Brent Sadler,the Associated Press and Reuters contributed to this report.

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OPEC Summit in Venezuela
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  •  Issue Brief: World Oil Production After Year 2000

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