- Title: AUSTRIA: OPEC OIL MINISTERS MEET IN VIENNA.
- Date: 26th November 1998
- Summary: VIENNA, AUSTRIA (NOVEMBER 26, 1998) (REUTERS - ACCESS ALL) 1. GV/CU: EXTERIORS OPEC (ORGANISATION OF PETROLEUM EXPORTING NATIONS) (2 SHOTS) 0.10 2. GV/PAN: OPEC SECRETARY-GENERAL RILWANU LUKMAN ARRIVES 0.27 3. GV/PAN: SAUDI OIL MINISTER ALI AL-NAIMI ARRIVING 0.42 4. GV/PAN: SECURITY/ UAE (UNITED ARAB EMIRATES) OIL MINISTER OBAID BIN SAIF AL-NASSERI ARRIVES (2 SHOTS) 0.55 4. MV/PAN/VARIOUS: MORE OIL MINISTERS ARRIVE/ START OF CONFERENCE (11 SHOTS) 1.57 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 11th December 1998 12:00
- Location: VIENNA, AUSTRIA
- Country: Austria
- Reuters ID: LVA6BB882WBH4P6UXGWT90WPP4Q6
- Story Text: Oil ministers have agreed to leave unchanged existing
curbs on petroleum supplies of 2.6 million barrels a day.
The meeting of the Organisation of Petroleum Exporting
Countries (OPEC) in Vienna will review the policy at its next
meeting on March 23.
OPEC's decision to leave unchanged the limits on
production, put in place last June, comes despite one of the
worst oil price slumps on record.
The pact will disappoint many OPEC members who had called
for tougher supply limits to ease a huge oil stockpile and
address stagnating world demand.
Algerian Oil Minister Youcef Yousfi, a leading advocate in
OPEC of tighter supply limits, said he believed the reduction
would be agreed in March.
OPEC's biggest producer, Saudi Arabia, had opposed any
further output cuts because it said some in OPEC were pumping
more than permitted under June's pact with producers from
outside the cartel.
Oil on Thursday (November 26) traded at 10.90 United
States dollars a barrel for benchmark Brent blend, leaving
average values for the year so far at 13.65 United States
dollars - the lowest since 1976.
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