AUSTRIA: OPEC MEETS TO FIND SOLUTION TO INCREASED OIL SUPPLIES THAT WILL EASE WESTERN WORRIES ABOUT INFLATIONARY OIL PRICES

Record ID: 344641

  • Title: AUSTRIA: OPEC MEETS TO FIND SOLUTION TO INCREASED OIL SUPPLIES THAT WILL EASE WESTERN WORRIES ABOUT INFLATIONARY OIL PRICES
  • Date: 27th March 2000
  • Summary: VIENNA, AUSTRIA ( MARCH 27, 2000) (REUTERS) 1. GV EXTERIOR OF INTERCONTINENTAL HOTEL 0.04 2. VARIOUS , JOURNALISTS AT COMPUTERS, WAITING IN HOTEL LOBBY WHILE OPEC (ORGANISATION OF PETROLEUM EXPORTING COUNTRIES) MINISTERS HOLD MEETINGS IN HOTEL SUITES (2 SHOTS) 0.16 3. SLV CROWD OF JOURNALISTS WAITING IN FRONT OF HOTEL ELEVATOR FOR SAUDI ARABIAN OIL MINISTER, ALI NAIMI TO EXIT MEETING 0.20 4. SV SAUDI ARABIAN OIL MINISTER ALI NAIMI WALKING OUT OF ELEVATOR SURROUNDED BY JOURNALISTS ASKING HIM QUESTIONS (3 SHOTS) 0.35 5. SV SAUDI ARABIAN OIL MINISTER, ALI NAIMI, LEAVING INTERCONTINENTAL HOTEL (2 SHOTS) 0.40 6. SV JOURNALISTS AND CAMERA CREWS RUNNING AFTER ALI NAIMI 0.46 7. TRACKING SHOT OF ALI NAIMI SURROUNDED BY JOURNALISTS 0.54 8. CUTAWAY MEDIA OUTSIDE HOTEL 0.57 9. SMV OIL ANALYST, MEHDI VARZI, DIRECTOR OF OIL AND GAS RESEARCH WITH DRESDNER KLEINWORT BENSON SPEAKING TO A JOURNALIST IN THE HOTEL LOBBY 1.02 10. SCU SOUNDBITE (English) MEHDI VARZI, ANSWERING QUESTION Q: WHY IS THIS CONFERENCE IN PARTICULAR ATTRACTING MORE ATTENTION THAN NORMAL. MEHDI VARZI ANSWERS (English) "The main reason is because OPEC has been successful beyond its wildest dreams with oil prices going from ten dollars a barrel to over thirty before falling a little bit from that level. So, it has been an extremely successful twelve months for OPEC QUESTION - ."THERE IS MORE THAN NORMAL PRESS ATTENTION HERE. DOES THIS REFLECT THE POLITICAL STORY IN THE U.S. MEHDI VARZI ANSWERS (English) "I think it reflects a lot of things. I think people are genuinely concerned about how high the oil prices will stay having got to this level and obviously the background of the U.S. story, everyone knows about the U.S. pressure, that is also being, I think, a feature in the past few weeks." (2 SHOTS) 1.51 11. GV EXTERIOR OF OPEC HEADQUARTERS WHERE CONFERENCE WILL TAKE PLACE 1.59 12. CU OPEC LOGO AND FLAG ON BUILDING 2.05 13. SMV POLICE GUARDING THE BUILDING 2.11 14. SV/SLV JOURNALIST AND TELEVISION CREWS (2 SHOTS) 2.22 15. GV INTERMEDIA SATELLITE TRUCKS OUTSIDE BUILDING 2.29 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 11th April 2000 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVA2IF8WOQW6XAQ3WHGYYB8I429R
  • Story Text: Members of the Organisation of Petroleum Exporting
    Countries (OPEC) met in Vienna on Monday (March 27) to find a
    formula on increased supplies that will dampen oil prices and
    ease worries about inflation in the West.

    OPEC oil exporters on Monday (March 27) met to forge a
    deal for a supply increase that will dampen oil prices and
    ease worries about inflation in the West.The Organisation of
    the Petroleum Exporting Countries is seeking to bridge a gap
    between cartel members on how far to open up the taps without
    sending prices crashing.

    Gulf Arab producers, including Saudi Arabia, are pressing
    OPEC to sanction an agreement to pump another 1.7 million
    barrels a day into the 75 million bpd world market.

    OPEC's incremental oil will come on top of official limits
    for 10 OPEC nations of 22.976 million bpd agreed last March.

    The conference has drawn greater than usual media
    attention.

    "I think it reflects a lot of things.I think people are
    genuinely concerned about how high oil prices will stay having
    got to this level, and obviously the background of the U.S.

    story --everyone knows about the U.S.pressure -- is also
    being a feature", oil analyst Mehdi Varzi told Reuters.

    After a series of shuttle negotiations, ministers were
    scheduled to gather at 1500 GMT in a hotel suite before a
    first formal session at OPEC headquarters at 1600 GMT.

    Iraqi Oil Minister Amir Rasheed said Baghdad would take
    advantage of the delivery of the U.N.'s approval of spart
    parts for its oil sector and lift exports by 700,000 bpd.

    Bound by international sanctions Iraq is not party to OPEC
    output limits.

    Nevertheless, contacts over the weekend between Saudi and
    Iranian leaders bode well for a compromise.

    "We think we can get 1.5 million, maybe more, that is
    what the market needs," said a Gulf OPEC insider.

    Worried about high gasoline prices and inflationary
    pressures, the United States sees room for OPEC eventually to
    open up the taps by three million barrels daily to eplenish
    depleted inventories.

    OPEC's customers in Asia also are concerned that a long run
    of high prices will stunt their economic revival.

    Washington is understood to be content with the
    step-by-step approach signaled by OPEC which could put more
    oil on the market later in the summer if prices do not cool
    quickly.


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