AUSTRIA: NEW IRAQI OIL MINISTER IBRAHIM BAHR AL-ULOUM SAYS HIS COUNTRY INTENDS TO REMAIN IN OPEC

Record ID: 344951

  • Title: AUSTRIA: NEW IRAQI OIL MINISTER IBRAHIM BAHR AL-ULOUM SAYS HIS COUNTRY INTENDS TO REMAIN IN OPEC
  • Date: 25th September 2003
  • Summary: (W5) VIENNA, AUSTRIA (SEPTEMBER 24, 2003) (REUTERS) 1. SLV / MV ALGERIAN OIL MINISTER CHAKIB KHELIL GETTING OUT OF CAR AND ENTERING HOTEL SURROUNDED BY SECURITY AND REPORTERS 0.14 2. (SOUNDBITE) (English) ALGERIAN OIL MINISTER CHAKIB KHELIL SAYING "No change (in output levels)" 0.31 3. MV IRAQI OIL MINISTER IBRAHIM BAHR AL-ULOUM WALKING INS
  • Embargoed: 10th October 2003 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVAB7BG28UF6X086QR1JOF10A34S
  • Story Text: Ibrahim Bahr al-Uloum, Iraq's new oil minister has
    said his country intends to remain in OPEC (Organisation of
    Petroleum Exporting Countries).

    Iraq will remain in OPEC as a full member, Ibrahim
    Bahr al-Uloum, Iraq's new oil minister told a news
    conference on Wednesday (September 24).

    He also said Iraq needed over $2 billion to restore its
    oilfields after years of neglect and welcomed foreign
    investment in its exploration and production sector.

    All contracts under the previous regime will be
    reviewed on a case by case basis, he said. They will be
    checked against the interests of Iraq.

    Uloum said Iraq aims to match its pre-war oil output
    but they would not take any immediate action on tighter oil
    supplies despite jitters about falling crude prices.

    OPEC ministers gathering for Wednesday's conference
    first said the cartel will not make any changes in current
    production output but later changed their decision.

    "No change," Algerian Oil Minister Chakib Khelil told
    reporters as he arrived for breakfast consultations with
    non-OPEC producers.

    But, ministers later agreed a surprise cut in supplies
    to defend high crude prices despite the approach of peak
    winter demand.

    Ministers decided to remove 900,000 a barrels per day
    (bpd) from supply limits for 10 members, excluding Iraq, to
    24.5 million bpd, said Kuwaiti Oil Minister Sheikh Ahmad
    al-Fahd al-Sabah.

    The decision, expected to be ratified at a 1400 GMT
    meeting, looks set to raise energy costs for oil importing
    nations during the northern hemisphere winter.

    Ministers also agreed to meet again on December 4 to
    review policy for the first quarter. They postponed a
    discussion on the election of a new secretary-general until
    that meeting.


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