- Title: INDONESIA: OPEC AGREE TO FREEZE OIL PRODUCTION LEVELS FOR ALL 1995
- Date: 22nd November 1994
- Summary: BALI, INDONESIA (NOVEMBER 22, 1994) (REUTERS TELEVISION - AVAILABLE ALL) 1. GV HOTEL ENTRANCE, STATUE 0.04 2. SV OPEC (ORGANISATION OF PETROLEUM EXPORTING COUNTRIES) SIGN ON PALM TREE 0.08 3. MCU OPEC FLAG 0.12 4. SV FLAGS OF MEMBER NATIONS 0.14 5. HAS,SV ENTRANCE TO HOTEL/CARS/CROWD OF PEOPLE 0.18 6. SV TRACKS OIL MINISTERS ARRIVE FOR CLOSED SESSION (3 SHOTS) 0.34 7. SLV SIGN "MEETING IN PROGRESS"/CARS OF MINISTERS PARKED OUTSIDE HOTEL (2 SHOTS) 0.41 8. SLV INT. MEDIA ASSEMBLED IN LOBBY 0.43 7. SV INT. OUTSIDE CONFERENCE, OPEC SPOKESMAN YUSUFU TURUNDU SAYING "THERE HAS BEEN NO REFERENCE WHATSOEVER FOR A REVIEW FOR SIX MONTHS. IT'S UNANIMOUS (VOTE) AS I MENTIONED, TWELVE MONTHS ROLLOVER (ENGLISH) 0.55 8. LV TURUNDU SURROUNDED BY MEDIA IN LOBBY 1.01 9. SV IRANIAN OIL MINISTER GHOLAMREZA AGHAZADEH APPROACHING MEDIA AND SAYING "I HEARD THE QUOTA AND DON'T WANT ANY ALTERATION TO THE NEXT YEAR .. AND THAT'S VERY IMPORTANT ISSUE WE ARE CONCERNED ABOUT (ENGLISH) (2 SHOTS) 1.13 10.SV KUWAITI OIL MINISTER 1.21 11.LV/SV SUROUNDED BY MEDIA INDONESIAN OIL MINISTER SUDJANA SPEAKING ABOUT OUTPUT FREEZE (BAHASA) (2 SHOTS) 1.31 12.GV MEDIA SURROUNDING SUDJANA 1.34 Initials Script is copyright Reuters Limited. All rights reserved.
- Embargoed: 7th December 1994 12:00
- Keywords:
- Location: BALI, INDONESIA
- City:
- Country: Indonesia
- Reuters ID: LVA31KNYSSONIUOHR2GS5ATGJ50I
- Story Text: The Organisation of Petroleum Exporting Countries (OPEC) agreed on Tuesday (November 22) to freeze oil production levels for all of 1995 in a bid to drive up oil prices and help their cash-strapped economies.
"This agreement is expected to raise oil prices gradually but not to the OPEC target level of 21 United States (U.S.) dollars (per barrel)," OPEC President and Indonesian Oil Minister Ida Bagus Sudjana told reporters after the group's morning meeting.
When asked if the deal could push oil prices to 18 U.S. dollars or 19 U.S. dollars per barrel Sudjana said, "I hope so." OPEC has kept its production ceiling at 24.52 million barrels per day (bpd) since September 1993 but oil prices have continued to deteriorate because of higher non-OPEC output.
Oil prices now are little better in real terms than they were before the Arab oil embargo of 1973.
Saudi Arabian Oil Minister Hisham Nazer said he was happy with the new deal and hoped prices would rise. But he added OPEC was concerned about rising production from non-OPEC producers, which would be likely to curb price gains.
Libyan Oil Minister Abdalla Salem El-Badri said he expected world oil demand to rise by 700,000 bpd this year to about 66 million bpd and climb another one million bpd in 1995. Much of the growth will come from the booming economies of Asia.
"The reference price of 21 U.S. dollars for the OPEC basket is an entirely reasonable objective," Badri said.
OPEC also hopes strong world demand will make it easier to integrate Iraq when it eventually returns to the world oil markets.
Iraq, once the world's sixth largest oil producer, has been banned by the United Nations from selling oil since its abortive invasion of Kuwait in 1990.
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