AUSTRIA: SAUDI OIL MINISTER ALI NAIMI JUSTIFIES CURRENT OIL PRICES AS MINISTERS ARRIVAL FOR OPEC MEETING IN VIENNA

Record ID: 344948

  • Title: AUSTRIA: SAUDI OIL MINISTER ALI NAIMI JUSTIFIES CURRENT OIL PRICES AS MINISTERS ARRIVAL FOR OPEC MEETING IN VIENNA
  • Date: 2nd December 2003
  • Summary: (W5) VIENNA, AUSTRIA (DECEMBER 03, 2003) (REUTERS) 1. EXTERIORS OF OPEC HEADQUARTERS (3 SHOTS) 0.17 2. SCU: PRICES ON DISPLAY AT PETROL STATION 0.23 (W5) VIENNA, AUSTRIA (DECEMBER 02, 2003) (REUTERS) 3. CAR PULLING UP AT HOTEL 0.31 4. IRAQI OIL MINISTER, IBRAHIM BAHR AL-ULOUM, GETTING OUT OF CARAND WALKING INTO HOTEL 0.44 5. IBRAHIM BAHR AL-ULOUM WALKING THROUGH HOTEL, SURROUNDED BY SECURITY 0.48 (W5) VIENNA, AUSTRIA (DECEMBER 03, 2003) (REUTERS) 6. SAUDI ARABIAN OIL, MINISTER ALI NAIMI, GETTING OUT OF CAR 0.53 7. (SOUNDBITE) (English) SAUDI ARABIAN OIL MINISTER, ALI NAIMI, SAYING "Current prices are right. The dollar is weakening you know, the purchasing power is quite weak, so the price (of oil) is OK." / NAIMI WALKING INTO HOTEL SURROUNDED BY REPORTERS AND SECURITY 1.22 8. UNITED ARAB EMIRATES OIL MINISTER, OBAID BIN SAIF AL-NASSERI, ARRIVING IN CAR 1.26 9. (SOUNDBITE) (English) UNITED ARAB EMIRATES OIL MINISTER, OBAID BIN SAIF AL-NASSERI GETTING OUT OF CAR, SAYING "Well, when we meet we shall study the situation and see what course of action we should take. But as I said earlier we don't have strong reasons for changing the ceiling. [AUDIO OF REPORTER'S QUESTION: 'What about the second quarter'] The second quarter, it is a big concern." 2.15 10. ALGERIAN OIL MINISTER, CHAKIB KHELIL, ENTERING HOTEL SURROUNDED BY SECURITY AND REPORTERS 2.29 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 17th December 2003 12:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVABKYAZ1CGHJKUTR0RRZ3RIER1T
  • Story Text: Saudi oil minister says oil prices are justified
    because of the impact of a fall of the U.S. dollar on
    OPEC's purchasing power.


    Saudi Arabian Oil minister, Ali Naimi, said on
    Wednesday (December 3) oil prices, now above $31 U.S.

    Dollars (USD) for U.S. crude, were justified because of the
    fall of the U.S. dollar.

    On arrival in Vienna, ministers indicated the
    Organisation for Oil Producing Countries (OPEC) was
    prepared to keep winter oil supplies on hold.

    "Current prices are right," said Naimi. "The dollar is
    weakening you know, the purchasing power is quite weak, so
    the price (of oil) is OK," he added.

    The U.S. currency, used for all international oil trade,
    has fallen by about 15 percent against the euro in
    the past year.

    Naimi was speaking on his arrival in Vienna for an OPEC
    meeting on Thursday (December 4) that is expected to keep
    output limits unchanged and call another meeting for late
    January or early February 2004.

    The United Arab Emirates Oil Minister, Obaid bin Saif
    al-Nasseri, said he saw no need for OPEC to change its
    output .

    "We don't have strong reasons for changing the
    ceiling," he told reporters on his arrival.

    He added that the seasonal slide in oil demand in the
    second quarter of 2004 was a big concern for OPEC.

    OPEC forecasts for a counter-seasonal fourth quarter
    stockbuild of 600,000 barrels per day (bpd) on the 78
    million bpd world market drove September's cut.

    Slow post-war recovery of Iraqi exports has helped
    contain growth in inventories.

    Iraqi Oil Minister, Ibrahim Bahr al-Uloum, said on
    Tuesday (December 2) that Baghdad plans to raise oil
    exports to two million barrels a day by the end of the
    first quarter next year.

    Baghdad lifted deliveries to just over 1.6 million bpd
    last month from its Gulf Basra export terminal but has yet
    to reopen its northern export route.

    On Thursday ministers will also discuss the election of
    a secretary-general. Incumbent Alvaro Silva of Venezuela is
    standing with two new candidates - Iran's former envoy to
    the United Nations Hadi Hosseinian and Kuwait's OPEC chief
    economist Adnan Shihab-Eldin.

    A unanimous decision is needed in the election and
    delegates said that failing an agreement, Indonesian Oil
    Minister, Purnomo Yusgiantoro, may be asked to stand in as
    caretaker for the role during his tenure as conference
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register