OPEC's meeting in Vienna March 17 ended as expected, with the cartel maintaining its existing output target of 24.845 million b/d. Oil prices around $80/barrel removed any potential drama from the gathering.
That lack of drama manifested itself in a couple of ways, one being the noticeably smaller press contingent this week. That was obvious during Saudi oil minister Ali Naimi's Tuesday morning walk. Only five journalists joined Naimi for his early morning jaunt; normally, at least a dozen tag along.
The smaller group was put to the test, however, as the fit Saudi minister walked "The Ring" in Vienna's center for a full hour, according to my intrepid colleague Geoff King.
The meeting was also overshadowed by OPEC's celebration of its new headquarters in Vienna's historic 1st district. Wednesday marked the first meeting in the new digs after 32 years at the outdated and cramped building on the banks of the Danube canal.
The new building is a marked improvement -- a spacious press room with seating for almost 120 journos and a cavernous meeting hall for OPEC ministers, complete with modern touches like large video monitors.
OPEC officials marked the occasion as you'd expect -- speeches from Austria's federal minister and the mayor of Vienna, a ribbon-cutting and the release of dozens of balloons. The group also took the opportunity to unveil a commemorative stamp for OPEC's 50th anniversary, 45 of those years in Vienna.
Indeed, $80 oil allowed OPEC to open at Helferstorferstrasse 17 with a distinct lack of drama. But the cartel knows it can't expect every meeting in the new place to be so stress-free.
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