- Title: IRAN: OPEC: SAUDI ARABIA CALLS FOR MODEST INCREASE IN CARTEL SUPPLIES.
- Date: 15th March 2005
- Summary: (BN13) ISFAHAN, IRAN (MARCH 14, 2005) (REUTERS - ACCESS ALL) 1. MCU: GUARDS SALUTING IN FRONT OF HOTEL WHERE OPEC MEETING TAKES PLACE 0.04 2. GV/PAN: IRANIAN OIL MINISTER BIJAN ZANGANEH WALKING IN TO HOTEL 0.12 3. (SOUNDBITE)(English) IRANIAN OIL MINISTER BIJAN ZANGANEH COMMENTING ON SAUDI ARABIAN PROPOSAL, SAYING: "We will study and discuss any proposal that we receive and make a conclusion based on a consensus in the OPEC meeting". 0.22 4. MV: LIBYAN ENERGY MINISTER FATHI OMAR BIN SHATWAN WALKING IN TO HOTEL 0.32 5. (SOUNDBITE)(English) LIBYAN ENERGY MINISTER FATHI OMAR BIN SHATWAN STANDING IN HOTEL LOBBY SURROUNDED BY REPORTERS, AUDIO OF REPORTER ASKING: What about the Saudi Arabian proposal? Are you in favour of it, for a 500,000 barrels? LIBYAN ENERGY MINISTER FATHI OMAR BIN SHATWAN SAYING: "We have just heard about it, but I don't think I will be with it." 0.47 6. MV: UNITED ARAB EMIRATES OIL MINISTER MOHAMED AL HAMLI ENTERING HOTEL, ENTERING HOTEL LOBBY 0.57 7. GV: SECURITY OUTSIDE HOTEL 1.02 8. GV: POLICE REGULATING TRAFFIC 1.09 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 30th March 2005 13:00
- Location: ISFAHAN, IRAN
- Country: Iran
- Reuters ID: LVA7QLPR9CED4FKII0F0T0N5CV8
- Story Text: Leading OPEC producer Saudi Arabia has called for a
modest increase in cartel supplies that could help ease oil
prices from near-record highs.
Leading OPEC producer Saudi Arabia on Monday (March
14) called for a modest increase in cartel supplies that
could help ease oil prices from near-record highs. Saudi
Arabia is of the opinion that OPEC's production ceiling
should be adjusted upwards by 500,000 barrels per day (bpd)
during the forthcoming ministerial meeting, Saudi Oil
Minister Ali al-Naimi said in statement released by the
official Saudi press agency.
The proposal is at odds with the wishes of others in
the cartel, including the meeting's host Iran, who want
output left unchanged, but on Monday evening Iranian oil
minister said Iran will go along with any consensus that
emerges in OPEC on output policy.
Asked whether Iran might consider supporting a Saudi
proposal to raise output by 500,000 barrels a day, Iranian
Oil Minister Bijan Zanganeh said: "We will study and
discuss any proposal and we will make a conclusion based on
a consensus in the OPEC meeting."
Earlier on Monday, before the Saudi proposal emerged,
Zanganeh said Iran wanted to keep output unchanged. Riyadh
got support from Kuwait for its proposal for an immediate
But some in OPEC do not favour lifting production,
despite prices near October's all-time record above 55 U.S.
dollars for U.S. crude. With seasonal world fuel
consumption set to ease in the northern hemisphere, they
argue that supplies are more than sufficient to meet demand.
Libya does not support Saudi Arabia's proposal for OPEC
to raise oil supply, Libyan Energy Minister Fathi Omar Bin
Shatwan told reporters on Monday.
"I have just heard about, but I don't think I will be
A 500,000 bpd increase in OPEC output quotas would not
add much to supplies on the 83-million-bpd world market.
Latest estimates are that 10 members with quotas are
already producing at least 500,000 bpd above their formal
27-million-bpd limit. Iraq, not subject to a quota, is supplying
another two million bpd, putting total OPEC output close to
September's 25-year-high production peak of over 30 million
OPEC ministers will hold a series a meetings in the
Iranian city of Isfahan on Tuesday (March 15) and meet for
an official conference on Wednesday (March 16). It's the
first time OPEC meets in Iran since 1971.
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