Resolution No. 2.1
Recognizing the current instability of the oil price,
Alarmed by the lack of respect for individual Quotas by Member States,
Deeply concerned by the economic damage made to member states by low and high oil prices,
Further recognizing the need of more frequent and emergency meetings,
in accordance with the Statue,
Urges the creation of minor meetings every 3 months discussing the fluctuation of oil production and monitoring its prices.
Instructs to host one major meeting annually discussing long term strategies OPEC countries should implement.
Proposes Emergency meetings that may be called by any Member States’ Government or the OPEC Board of Governors, at their discretion.
The Quotas of OPEC will be reduced as follows:
a 2% initial decrease in oil production as compared to 2013
every Member State will reduce their Quota production proportionally
The Republic of Iraq is exempt from Res. No. 2.1 Point 4i for the duration of 1 year with the possibility of extension as needed
a further 0.5% decrease in oil production annually will be implemented until decided differently
Done in Vienna, Austria, this twenty first Day of October 2014.
Islamic Republic of Iran Kingdom of Saudi Arabia,
Federal Republic of Nigeria State of Kuwait
Republic of Iraq Bolivarian Republic of Venezuela
Republic of Ecuador People's Democratic Republic of Algeria
State of Libya State of Qatar
Submitter: United Arab Emirates