NETHERLANDS: OPEC: SAUDI OIL MINISTER SAYS HE WANTS FAIR AND REASONABLE OIL PRICES.

Record ID: 344824

  • Title: NETHERLANDS: OPEC: SAUDI OIL MINISTER SAYS HE WANTS FAIR AND REASONABLE OIL PRICES.
  • Date: 24th May 2004
  • Summary: (W5) AMSTERDAM, THE NETHERLANDS (MAY 24, 2004) (REUTERS) 1. GV: EXTERIOR BOURSE 0.03 2. MV/PAN: POLICEMEN STANDING OUTSIDE 0.10 3. GV/PAN: PAN FROM SCREEN ANNOUNCING 9TH INTERNATIONAL ENERGY FORUM TO VARIOUS MINISTERS SITTING BEHIND TABLE 0.20 4. (SOUNDBITE) (English) ALI BIN IBRAHIM AL NAIMI, MINISTER OF PETROLEUM AND MINERAL RESOU
  • Embargoed: 8th June 2004 13:00
  • Keywords:
  • Location: AMSTERDAM, THE NETHERLANDS
  • Country: Netherlands
  • Reuters ID: LVAEALFIDRUZM2JJLGGL7FK8BUG9
  • Story Text: Speaking at a joint press conference in Amsterdam,
    Saudi Oil Minister says he wants fair and reasonable oil
    price.



    Saudi Oil Minister Ali al-Naimi said on Monday (May
    24) he would support moves for a fair and reasonable oil
    price.

    Naimi was speaking at a press conference following a
    forum of oil producing and consuming countries.

    "There is an absolute support for cooperation among the
    consumers and producers to moderate the price, to have a
    fair and reasonable price," said Naimi.

    He also said there was no conflict in OPEC and that a
    decision on overall group output limits was not possible in
    Amsterdam because two member countries were absent.

    Iranian Oil Minister Bijan Zanganeh, who was speaking
    at the same conference, said OPECs official price target of
    22-28 U.S. dollars for a basket of its crudes remains valid
    but could be raised.

    Naimi announced on Friday that Saudi Arabia is raising
    raise production to at least nine million barrels a day in
    June to help lower oil prices from near 40 U.S. dollars a
    barrel.

    He said the total cost of getting oil to market for the
    consumer was 30-35 dollars for U.S. crude. He did not say
    that represented Saudi Arabia's price target.

    In a statement on Friday Naimi proposed OPEC raise
    production limits by at least minimum two million barrels a
    day, eight percent.

    He told some consumer countries in Amsterdam he would
    push for as much as 2.5 million, 11 percent, ministers from
    those countries said.

    A final decision will be made in Beirut on June 3.
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