- Title: JAPAN: OPEC HEAD SEES TOO MUCH OIL IN 2004, CALLS ON NON-OPEC TO CURB OUTPUT
- Date: 10th October 2003
- Summary: TOKYO, JAPAN (OCTOBER 10, 2003) (REUTERS) 1. LAS OF DOWNTOWN TOKYO HOTEL WITH QATARI FLAG FLYING BESIDE THE JAPANESE FLAG 0.06 2. SLV OPEC PRESIDENT ABDULLAH AL-ATTIYAH PREPARING FOR THE INTERVIEW (2 SHOTS) 0.18 3. MCU (English) AL-ATTIYAH SAYING "With Iraq coming under the expectation of (producing) 2.8 (million barrels a day) and we see that some oil coming from also increasing production from non-OPEC, all this will reflect negatively to the market and we will see that may be the market will see over supply so I think OPEC and non-OPEC should sit together and talk, and this time have a serious talk." 0.56 4. SV OF INTERVIEW 1.01 5. MCU (English) AL-ATTIYAH SAYING "If it's higher than 28 (dollars a barrel) in twenty days then OPEC should increase production, so now we are just a few days now above 28, only for the last two days has (it been) above 28 (dollars per barrel), so we have to wait and see how long it will take to keep 28. As I said, the market is under a lot of psychological motivation so we have to be very careful. Maybe now, tomorrow or after tomorrow we will see the price drop below 28 and this is today the fluctuation of price is very fast." 1.47 6. SV OF INTERVIEW 1.53 7. SV MORE OF QATARI AND JAPANESE FLAGS 1.58 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 25th October 2003 13:00
- Keywords:
- Location: TOKYO, JAPAN
- Country: Japan
- Reuters ID: LVAEW017L4SJKPV5OLQW1AGUN7V7
- Story Text: OPEC head sees too much oil in 2004, calls on
non-OPEC to curb output.
OPEC President Abdullah al-Attiyah said on
Friday (October 10) he expected world oil markets to be
oversupplied next year and called for non-cartel producers
to lend a hand in curbing output to support crude prices.
"The market will see oversupply in 2004 so OPEC and
non-OPEC should sit together and should have a serious
talk," Attiyah, who is also Qatar's oil minister, told
Reuters.
"I think 2004 will be a very critical year so we need
support from non-OPEC because OPEC alone cannot protect the
market," he said.
He said the Organisation of Petroleum Exporting
Countries would also act to cool prices if they should go
too high by increasing production if OPEC's reference
basket of seven crude grades rose above $28 a barrel for
more than 20 consecutive working days.
On Wednesday (October 8), the OPEC basket price dipped
to $27.99 a barrel after spending two days above the upper
limit of the cartel's target $22-$28 range.
Attiyah, in Tokyo for talks with Japanese government
officials and domestic oil and power companies, said no
OPEC member had approached the group to propose a raising
of the target oil price band to $25-$32.
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