Arab News publishes this summary of the results of the OPEC conference in Riyadh. Among the items agreed were efforts to reduce the carbon footprint of oil use, and a fund to offset ecological damage from using oil. You can find a full text of the OPEC Declaration at this link [6-page PDF].

Of interest, too, is this piece by Raid Qusti at Arab News: OPEC Pledges to Harness ‘Clean Oil’

OPEC Pledges Smooth Oil Supply

RIYADH, 19 November 2007 — OPEC yesterday assured the world of adequate and timely supply of oil and pledged millions of dollars to protect the planet’s environment from the effects of climate change.

Leaders of the Organization of Petroleum Exporting Countries stressed the importance of world peace for the stability of oil prices. “We insist on the importance of world peace to guarantee investments in the energy sector and the stability of the market,” said the final communiqué issued at the end of the two-day summit. There was no mention of calls by consumer nations for an increase in OPEC output to help cool prices which have soared to levels near $100 a barrel.

Minister of Petroleum and Mineral Resources Ali Al-Naimi later told a news conference: “Fluctuations in the market have nothing to do with OPEC,” adding there were many other factors affecting prices.

The OPEC statement also did not explicitly mention the politically charged issue of the falling dollar, which Iran, Venezuela and new member Ecuador had favored.
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