QATAR: OPEC HAS SAID IT WOULD AGREE TO HOLD THE LINE ON OIL OUTPUT AND PUSH FOR A TIGHTER ADHERENCE WITH EXISTING PRODUCTIONLIMITS TO DEFEND ITS 25 DOLLAR CRUDE TARGET

Record ID: 344810

  • Title: QATAR: OPEC HAS SAID IT WOULD AGREE TO HOLD THE LINE ON OIL OUTPUT AND PUSH FOR A TIGHTER ADHERENCE WITH EXISTING PRODUCTIONLIMITS TO DEFEND ITS 25 DOLLAR CRUDE TARGET
  • Date: 11th June 2003
  • Summary: (W3) DOHA, QATAR (JUNE 11, 2003) (REUTERS - ACCESS ALL) 1. EXTERIOR: OF THE RITZ CARLTON HOTEL 0.06 2. FLAGS OF OPEC COUNTRIES 0.10 3. VARIOUS: OF OFFICIALS WAITING FOR MEETING TO BEGIN (6 SHOTS) 0.45 4. VARIOUS: MEETING HALL FILLING UP 0.59 5. FLAGS 1.04 6. SCU: (SOUNDBITE) (English) QATARI OIL MINISTER, ABDULLAH BIN HAMAD AL ATTIYAH, READING OPENING SPEECH, SAYING: "We are still faced with uncertainty in several key areas. However, the pace and extent of the return of the Iraqi crude to the market remains unclear at the present time as this country, with its proud OPEC heritage, seeks to establish itself on the world energy stage." 2.09 7. CU: SIGN READING "STATE OF QATAR" IN ARABIC 2.13 8. WS: OF MEETING 2.17 9. MV: KUWAIT AND ANGOLA OIL MINISTERS TALKING 2.19 10. (SOUNDBITE) (English) KUWAITI OIL MINISTER, SHEIKH FAHD AL-AHMED AL-SABAH, SPEAKING TO REPORTERS SAYING: "We have to be ready, we have to read the situation and make sure that the Iraqi production, the situation in the market, the over supply, the over production will never change the price. Whenever the price will change, we have to have a meeting." 3.04 11. VARIOUS: OF OPEC MEETING HALL 3.43 14. OIL MINISTERS SEATED 15. FLAGS 16. IRAQI OIL MINISTER'S SEAT EMPTY / CLOSE UP OF EMPTY SEAT 17. SEVERAL SHOTS OF MINISTERS SEATED Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 26th June 2003 13:00
  • Keywords:
  • Location: DOHA, QATAR
  • Country: Qatar
  • Reuters ID: LVA3T5WS436LLV1Z9V6GM2X71HQZ
  • Story Text: OPEC has said it would agree to hold the line on oil
    output and push for tighter adherence with existing production
    limits to defend its 25 dollar crude target.



    The oil ministers of Kuwait and the UAE said they
    expected to leave supply quotas unchanged at 25.4 million
    barrels a day at a meeting that started in Doha, Qatar on
    Wednesday (June 11) at 0700 GMT, 1000 local time.

    Oil prices near the top end of OPEC's $22-$28 target range
    have given ministers the breathing space to wait to make their
    first cutbacks since the end of 2001.

    U.S. crude eased 25 cents to $31.48 a barrel.

    Iraq's stuttering recovery back towards pre-war production
    has helped keep the heat under crude.

    In his opening speech at Wednesday's meeting, Qatari oil
    minister, Abdullah bin Hamad Al-Attiyah said, "The base and
    extent of the return of the Iraqi crude to the market remains
    unclear at the present time as this country, with its part
    OPEC heritage, seeks to establish itself on the world energy
    stage."
    Baghdad is due in about a week to start sales from storage
    but says it could take at least a year to restore the 2.7
    million bpd it was pumping before the U.S. invasion in March.

    Fretting about a surplus as Iraqi exports gradually
    rebuild, some in the Organisation of the Petroleum Exporting
    Countries fear prices are at a peak, and could quickly fall.

    Kuwait's Sheikh Ahmad al-Fahd al-Sabah said: "We have to
    be ready, we have to read the situation and make sure that the
    Iraqi production, the situation in the market, the over
    supply, the over production will never change the price.

    Whenever the price will change, we have to have a meeting."
    Iran and Algeria want to fit in another meeting before the
    next scheduled gathering in late September, in case of a price
    slide.



  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register