AUSTRIA: OPEC MAKES SURPRISE DECISION TO RAISE OIL OUTPUT LIMITS EFFECTIVELY LEGITIMISING PRE-WAR SUPPLIES
Record ID:
344921
AUSTRIA: OPEC MAKES SURPRISE DECISION TO RAISE OIL OUTPUT LIMITS EFFECTIVELY LEGITIMISING PRE-WAR SUPPLIES
- Title: AUSTRIA: OPEC MAKES SURPRISE DECISION TO RAISE OIL OUTPUT LIMITS EFFECTIVELY LEGITIMISING PRE-WAR SUPPLIES
- Date: 26th April 2003
- Summary: (W6) VIENNA, AUSTRIA (APRIL 24) (REUTERS) 1. SMV EXTERIOR INTERCONTINENTAL HOTEL WITH ARMED GUARDS IN FRONT (2 SHOTS) 0.17 2. SLV SAUDI OIL MINISTER ALI NAIMI WALKING TOWARDS HOTEL WITH BODY GUARDS; MV SAUDI OIL MINISTER WALKING IN HOTEL LOBBY SURROUNDED BY A CROWD OF REPORTERS (2 SHOTS) 0.44 3. (SOUNDBITE) (English) UNITED ARAB EMIRATES OIL MINISTER OBAID AL-NASSERI WALKING INTO HOTEL SURROUNDED BY CROWD OF REPORTERS, REPORTERS ASKING "OPEC president said two million a day, do you agree with that." AL-NASSERI SAYING: Yes, that will be possible." 1.10 4. MV CROWD OF REPORTERS WAITING IN HOTEL LOBBY 1.20 5. (SOUNDBITE) (English) OPEC PRESIDENT AND QATAR'S OIL MINISTER ABDULLAH AL-ATTIYAH SPEAKING TO REPORTERS SAYING "You saw yesterday that the price dropped dramatically, so this is a message that the market is full of oil." 1.31 6. SLV OPEC SECRETARY GENERAL ALVARO SILVA LEAVING HOTEL AND GETTING INTO CAR 1.53 7. SLV NEWS CONFERENCE(2 SHOTS) 2.03 8. (SOUNDBITE) (English) ABDULLAH AL-ATTIYAH SAYING "With Iraq, you know, since the last ten years they produced two point five million. When they start to produce this quantity, we will discuss Iraq, how we will accommodate Iraq." 2.23 9. SLV EXTERIOR OPEC HEADQUARTERS; MV SECURITY (2 SHOTS) 2.35 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 11th May 2003 13:00
- Keywords:
- Location: VIENNA. AUSTRIA
- Country: Austria
- Reuters ID: LVA9Z3LD0D78TGN42BGUG1KURNT7
- Story Text: OPEC pulled the rug from beneath world oil markets on
Thursday with a surprise decision to raise output limits that
effectively legitimises a large portion of extra pre-war
supplies.
Ministers agreed to lift official output limits by
900,000 barrels to day to 25.4 million bpd, effective from
June 1, for 10 member countries, excluding Iraq.
That compares with their estimate for the 10 on average
during February and March of 25.5 million barrels a day, a
difference of only 100,000 bpd from their new limit.
Iraq pumped 1.9 million bpd during that period, they said.
"With Iraq, you know, since the last ten years they
produced 2,5 million. When they start to produce this
quantity, we will discuss Iraq - how we will accommodate
Iraq," said OPEC President Abdullah al-Attiyah.
Iraq stopped producing oil just before the U.S. attacked
the country on March 20.
Ministers tried to present the decision as a reduction of
two million bpd from total average production, including Iraq,
for the period of 27.4 million barrels a day.
But with Iraq forced out since the U.S. invasion of March
20, Nigeria's OPEC delegation head Rilwanu Lukman admitted
that production from the remaining 10 in OPEC would not change
much.
The Organisation of the Petroleum Exporting Countries had
sanctioned extra deliveries to prevent the U.S. war on Iraq
causing an oil shock.
The decision means good news for oil consuming nations who
have seen high prices block economic growth. U.S. crude is
running at $32.66 a barrel to date and North Sea Brent at
$29.52.
The Organisation for Economic Cooperation and Development
said on Thursday that costly fuel was a factor stalling world
economic recovery.
Abdullah al-Attiyah told a news conference that OPEC could
decide to reduce output when it meets next on June 11.
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