OPEC’s Board of Governors has finalized a new and comprehensive long-term strategy at a meeting held in Vienna on 2 November 2016. The document will be submitted for approval at the next OPEC Ministerial Conference to be held on 30 November 2016, the press release of OPEC says.
The LTS provides a coherent and consistent framework for the realization of the Organization’s mission, today and in the future. It sets three specific objectives, explores contrasting overall energy landscape scenarios and formulates the elements of the strategy to attain the agreed-upon objectives and address the identified key challenges facing the Organization.
It is the third edition of the LTS prepared by the Organization, following the adoption of the second at the 157th Meeting of the OPEC Conference in October 2010 and the first at the 137th Meeting of the OPEC Conference in September 2005.
