At a difficult juncture due to the acrimonious failure of its ministerial conference this month, Opec issued its 2010 Annual Report, a snapshot of the economic and oil market development in the year and other Secretariat activities.
In its introduction, the Secretary General Abdullah Al Badri is right when he says "the year 2010 was an exceptional one for Opec".
The world economy recovered from the crisis of 2008 due to the unprecedented interventions by governments especially in the OECD countries. After a contraction of minus 0.8 per cent in 2009, the world economy grew at 4.7 per cent in 2010, much better than all expectations.
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