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 INSIDE HOTEL SURROUNDED BY SECURITY; SCU OPEC PRESIDENT ABDULLAH AL-ATTIYAH TALKING ON MOBILE PHONE IN HOTEL LOBBY 0.46 4. (SOUNDBITE) (English) ABDULLAH AL-ATTIYAH ANSWERING REPORTERS QUESTION ON WHETHER OPEC ASKED NON-OPEC MEMBERS TO CUT PRODUCTION WITH YOU NEXT YEAR?, AL-ATTIYAH SAYING "We always ask them to be fully supportive of us." 0.53 5. SLV NEWS CONFERENCE 1.02 6. (SOUNDBITE) (English) IRAQI OIL MINISTER IBRAHIM BAHR AL-ULOUM SAYING "Let me first state clearly that Iraq as a founder member of OPEC has always been consistently defending OPEC aims and objectives, taking actions and implementing policies which have over the year strengthened OPECs role and existence." 1.31 7. SLV REPORTERS 1.35 8. (SOUNDBITE) (English) IBRAHIM BAHR AL-ULOUM SAYING "We are exporting currently 900,000 barrels a day. We are expecting this number to increase to 1.5 at the end of the year and then it will be expected to increase to 1.8 by the end of March next year. 2.03 9. SLV NEWS CONFERENCE 2.10 10. (SOUNDBITE) (English) AL-ULOUM SAYING "All the contracts which were signed by the previous regime will be reviewed case by case." 2.21 11. SLV NEWS CONFERENCE; MV AL-ULOUM LEAVING 2.38 12. MV AHMAD AL-SABAH, KUWAITI OIL MINISTER ARRIVING FOR MEETING 2.45 13. MV ALI NAIMI, SAUDI ARABIAN OIL MINISTER ARRIVING FOR MEETING 2.51 14. MV OPEC HEADQUARTERS WITH ARMED GUARDS; LAS FLAGS ABOVE OPEC HEADQUARTERS (4 SHOTS) 3.14 Initials Script is copyright Reuters Limited. All rights reserved
  • 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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