VENEZUELA: OPEC PROPOSES OIL PRODUCTION CUT TO 1.5 MILLION BARRELS PER DAY IF LARGE NON-ALIGNED PRODUCERS REDUCE OUTPUT BY COMBINED 500,000 BARRELS
Record ID:
344828
VENEZUELA: OPEC PROPOSES OIL PRODUCTION CUT TO 1.5 MILLION BARRELS PER DAY IF LARGE NON-ALIGNED PRODUCERS REDUCE OUTPUT BY COMBINED 500,000 BARRELS
- Title: VENEZUELA: OPEC PROPOSES OIL PRODUCTION CUT TO 1.5 MILLION BARRELS PER DAY IF LARGE NON-ALIGNED PRODUCERS REDUCE OUTPUT BY COMBINED 500,000 BARRELS
- Date: 12th December 2001
- Summary: (W6) CARACAS, VENEZUELA (DECEMBER 12, 2001) (REUTERS TV - ACCESS ALL) 1. VARIOUS HEADS OF STATE WALKING TOWARD PHOTO OP 0.08 2. WIDE OF PRESS COVERING EVENT 0.12 3. SV: CUBAN PRESIDENT FIDEL CASTRO WITH SAINT VINCENTE'S PRIME MINISTER RALPH GONSALVES WALKING TOWARD PHOTO OP 0.17 4. CU: PRESS COVERING EVENT 0.21 5. LV: HEADS OF STATES WAVING 0.26 6. SLV: HEADS OF STATE: DE CHAVEZ (ON THE RIGHT), (RIGHT TO LEFT), (ANTIGUA AND BARBUDA) HILROY HUMPHREYS, (BARBADOS) OWEN S. CHAVEZ, (COLOMBIA PASTRANA, (CUBA) FIDEL CASTRO AND (EL SALVADOR) MARIA EUGENIA BRIZUELA DE AVILA, WAVING IN OFFICIAL PHOTO 0.31 7. CU: PRESS 0.35 8. SCU: SOUNDBITE (Spanish) ALI RODRIGUEZ, SECRETARY GENERAL OF OPEC, SAYING: "Repeating the proposal that I told Reuters, we have been very clear on our position. We are prepared to reduce, starting with the first of January, one million 500 thousand barrels a day, that we add to the three million 500 thousand which would make five million barrels, on condition that there is a firm agreement that non-OPEC nations reduce 500 thousand barrels. It seems to me that this proposal is more than fair because for every barrel that non-OPEC nations reduce, OPEC would be reducing 10 barrels. I insist that this is in the best interest of everyone and, if this agreement does not come to pass, the negative that could occur affects not only OPEC, I insist, it affects non-OPEC." 1.24 9. CU: NEWS CAMERA FILMING 1.27 10. SCU: SOUNDBITE (Spanish) ALI RODRIGUEZ, SECRETARY GENERAL OF OPEC, SAYING: "This is not a capricious figure that we have put out here. It is the result of a thorough study, of whomever examines the numbers, because the numbers are at everyone's access equally. If this agreement is not reached, our position has also been very clear. OPEC would not reduce one million 500 thousand barrels a day, because, as we all understand, in the first place, what would happen is what has been happening this year, it is not enough that OPEC reduce because if others increase production, it neutralizes the positive effect and sacrifice of what OPEC has done." 2.11 11. SV: JOURNALISTS 2.15 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 27th December 2001 12:00
- Keywords:
- Location: CARACAS, VENEZUELA
- Country: Venezuela
- Reuters ID: LVA5VKB1TYER39RB209SBGI4LXSM
- Story Text: OPEC has proposed cutting 1.5 million barrels per day
if large non-aligned oil producers reduce output by a combined
500,000 barrels a day in an effort to lift weak oil prices.
OPEC Secretary General Ali Rodriguez proposed OPEC
would implement cuts of 1.5 million barrels per day (bpd) from
January 1, to try and lift weak oil prices if large non-aligned
oil producers reduce output by a combined 500,000
bpd.
OPEC has said that it wants combined cuts to last for six
months from January 1. Non-OPEC producers' reluctance to
commit for that long has delayed completion of the deal.
"It seems to me that this proposal is more than fair
because for every barrel that non-OPEC nations reduce, OPEC
would be reducing 10 barrels," said Rodriguez.
"I insist that this is in the best interest of everyone
and, if this agreement does not come to pass, the negative
that could occur affects not only OPEC, I insist, it affects
non-OPEC."
Non-OPEC exporters have also come up short on overall cut
volumes. Russia has offered a cut of 150,000 bpd with Mexico
pledging 100,000 bpd. Norway said it will decide on reductions
of between 100,000-200,000 bpd by Christmas. Oman has offered
a 25,000 bpd cut.
Oil prices have fallen by a third since the September 11
attacks on the United States weakened global demand.
OPEC Secretary General Ali Rodriguez on Tuesday (December
11) signalled some flexibility on a delayed production cuts
deal with non-OPEC producers, saying planned reductions did
not have to be fixed for six months.
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