AUSTRIA: OPEC OIL PRODUCERS SAY ALL OPTIONS REMAIN OPEN TO COMPENSATE FOR STOPPAGE BY IRAQ OF U.N.-ADMINISTERED OIL SALES

Record ID: 344887

  • Title: AUSTRIA: OPEC OIL PRODUCERS SAY ALL OPTIONS REMAIN OPEN TO COMPENSATE FOR STOPPAGE BY IRAQ OF U.N.-ADMINISTERED OIL SALES
  • Date: 6th June 2001
  • Summary: (U6) VIENNA, AUSTRIA (JUNE 4, 2001) (REUTERS) 1. MV KUWAITI OIL MINISTER MINISTER ADEL AL-SUBAIH ARRIVING AT ANA GRAND HOTEL, SURROUNDED BY JOURNALISTS 0.11 2. SOUNDBITE (English) ADEL al-SUBAIH "Everything is possible in view of the Iraqi position. The Iraqi decision has twofolds (two sides), one is the political side which is to be dealt with in the United Nations and the other is the commercial side. We are committed with OPEC members to balance the market and we will do so accordingly." 0.40 3. SLV UNITED ARAB EMIRATES OIL MINISTER OBAID BIN SAIF AL-NASSERI ARRIVING AT ANA GRAND HOTEL, WALKING INTO HOTEL SURROUNDED BY JOURNALISTS 0.45 4. SOUNDBITE (English) OBAID BIN SAID AL-NASSERI "If it is required, yes. If the situation warrants, but the situation has to be studied. If it is necessary, as I said, OPEC will look into this situation and if the situation warrants an increase in production we shall do it." 1.03 5. MV OPEC PRESIDENT AND ALGERIAN ENERGY AND MINING MINISTER CHAKIB KHELIL ARRIVING AT ANA GRAND HOTEL, SURROUNDED BY JOURNALISTS 1.09 6. SOUNDBITE (Arabic) CHAKIB KHELIL "We do not need a decision at this meeting to increase because inventories are sufficient and the prices are around 25 USD. We will only increase production if the market needs it, it does not need it now." 1.52 7. MV UNIDENTIFIED MINISTERS ARRIVES; SURROUNDED BY MASS OF JOURNALISTS (2 SHOTS) 2.48 8. SCU IRANIAN OIL MINISTER BIJAN ZANGENEH ANSWERING A QUESTION ON WHETHER HE WAS CONCERNED THE IRAQI STOPPAGE OF OIL SALES WILL HAVE GREAT AFFECT ON MARKET: "I believe that OPEC will manage the market and I'm not concerned about any shortages." 2.59 9. SLV EXTERIOR OF OPEC HEADQUARTERS; MV SECURITY; LAS EXTERIORS (3 SHOTS) 3.15 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 21st June 2001 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVAR0B6ANR08TYAL9UZM5XHWYOL
  • Story Text: OPEC oil producers say all options remain open to
    compensate for the stoppage by Iraq of U.N.-administered oil
    sales but the OPEC president said the cartel was
    inclined to leave supply quotas unchanged because
    of adequate inventories and prices within their preferred
    22-28 USD a barrel range.

    Asked on his arrival in Vienna on Monday (June 4) if
    there was any chance OPEC might raise its output ceiling,
    Kuwaiti Oil Minister Adel al-Subaih said: "Everything is
    possible in view of the Iraqi position."
    "The Iraqi decision has twofolds, one is the political
    side which is to be dealt with in the United Nations and the
    other is the commercial side. We are committed with OPEC
    members to balance the market and we will do so accordingly,"
    the minister said.

    UAE Petroleum and Mineral Resources Minister Obaid bin
    Saif al-Nasseri, arriving minutes later, said that OPEC could
    raise output at its Tuesday meeting if it concluded
    it was required by the halt to Iraqi oil-for-food exports.

    "If it is required, yes. If the situation warrants but the
    situation has to be studied," he told reporters when asked
    whether an output hike may be on the cards.

    "If it is necessary, as I said, OPEC will look into this
    situation and if the situation warrants an increase in
    production we shall do it," the minister added.

    However, OPEC President and Algerian Energy and Mining
    Minister Chakib Khelil reiterated his view that the cartel was
    unlikely to raise output at its Tuesday meeting in response to
    Iraq's halt to its exports.

    "We do not need a decision at this meeting to increase
    because inventories are sufficient and the prices are around
    25 USD," the minister told reporters.

    "We will only increase production if the market needs it,
    it does not need it now."
    Iraq on Monday halted deliveries under the United
    Nations oil-for-food exchange after the Security Council voted
    to extend the programme by only a month, instead of
    the normal six-month renewal.

    The Council wants more time for discussion on an
    Anglo-U.S. proposal to overhaul 11-year old Gulf War
    sanctions against Baghdad.

    The plan would lift restrictions on civilian imports to
    Iraq but crack down on oil smuggled across the Iraqi border,
    the main source of hard cash for President Saddam
    Hussein's government.

    The United States said at the weekend it was in close
    contact with OPEC over the Iraqi stoppage and said it had
    taken note of comments from senior OPEC officials
    promising to maintain output.




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