AUSTRIA: OPEC OIL MINISTERS GATHER IN VIENNA TO DECIDE WHETHER TO CUT OIL PRODUCTION BY A MILLION BARRELS A DAY
Record ID:
344957
AUSTRIA: OPEC OIL MINISTERS GATHER IN VIENNA TO DECIDE WHETHER TO CUT OIL PRODUCTION BY A MILLION BARRELS A DAY
- Title: AUSTRIA: OPEC OIL MINISTERS GATHER IN VIENNA TO DECIDE WHETHER TO CUT OIL PRODUCTION BY A MILLION BARRELS A DAY
- Date: 29th March 2004
- Summary: (EU)VIENNA, AUSTRIA (MARCH 29, 2004) (REUTERS) (NIGHT SHOTS) 1. SAUDI OIL MINISTER ALI NAIMI GETTING OUT OF CAR; SURROUNDED BY REPORTERS, DECLININNG TO ANSWER QUESTIONS 0.14 2. SAUDI OIL MINISTER ALI NAIMI WALKING INTO HOTEL SURROUNDED BY SECURITY AND CROWD OF REPORTERS (2 SHOTS) 0.32 3. ALGERIAN OIL MINISTER CHAKIB KHELIL GETTING OUT OF CAR 0.36 5. SOUNDBITE (English) ALGERIAN OIL MINSTER CHAKIB KHELIL ANSWERING REPORTERS QUESTION "Are you concerned about the prices?", SAYING: "Yes, of course, we have always been concerned. We want it (the price) to remain between 22 and 28, But it is not because of lack of production, stocks are being replenished. I think, you have geo-political issues, you have also the speculations on the market. Also, we are worried about the second quarter." 1.11 6. ALGERIAN OIL MINSTER CHAKIB KHELIL BEING ESCORTED TO HOTEL ELEVATOR, FOLLOWED BY A CROWD OF REPORTERS 1.15 (EU)VIENNA, AUSTRIA (MARCH 30, 2004) (REUTERS) 7. VENEZUELAN ENERGY AND MINES MISTER RAFAEL RAMIREZ GETTING OUT OF CAR (2 SHOTS) 1.26 8. SOUNDBITE (English) VENEZUELAN OIL MINISTER RAFAEL RAMIREZ SAYING: "Venezuela fully supports the decision of OPEC to cut one million barrels in April - that's our position." 1.41 9. VENEZUELAN ENERGY AND MINES MINISTER RAFAEL RAMIREZ IN HOTEL LOBBY SURROUNDED BY SECURITY AND REPORTERS 1.51 10. EXTERIORS OF OPEC HEADQUARTERS WHERE THE OPEC MEETING WILL TAKE PLACE ON WEDNESDAY (MARCH 31, 2004) (3 SHOTS) 2.10 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 13th April 2004 13:00
- Keywords:
- Location: VIENNA, AUSTRIA
- Country: Austria
- Reuters ID: LVADR8Z5KT78H9XYFZM4UOFL3Q34
- Story Text: OPEC oil ministers gather to decide whether the
cartel will cut oil production.
OPEC oil ministers are gathering in Vienna for the
cartel's meeting on Wednesday (March 31) to decide whether
OPEC will cut oil production by a million barrels a day -
a move that could trigger renewed market volatility. Oil
prices recently hit a 13-year high.
Upon arrival in Vienna Saudi Arabian oil minister
declined direct comment on the likely outcome of talks that
will decide whether or not to proceed with output curbs,
agreed in Algiers in February, for implementation from
April.
But he said OPEC had no control over the speculative
hedge funds which, it is widely acknowledged, have adding a
heavy premium this year to oil prices.
OPEC agreed in February to slice output by one million
barrels daily from April 1, a decision that sent U.S. crude
racing above $38 for the first time since the 1990-1991
Gulf crisis.
Oil prices rose on the remarks, U.S. crude adding 22
cents to $35.67 a barrel by 1100 GMT. OPECs reference
basket of crudes was valued on Monday at $31.13, well above
the groups official $22-$28 target range.
But it seemed on Tuesday, as ministers were preparing
for a Wednesday meeting that the leading oil producer Saudi
Arabia may face a challenge from the United Arab Emirates
and Kuwait, fellow Gulf Arab producers who normally share
Riyadh's line on policy.
They appear to share the view of the United States, the
world's biggest petroleum importer, that oil prices should
be allowed to ease to avert potential damage to world
economic growth.
Algeria, supporting the Saudi position, said a deferral
would damage OPEC credibility and hit oil prices.
"Of course we're concerned about prices, we want them
between $22-$28", Algerian Oil Minster Chakib Khelil told
reporters on his arrival in Vienna. "It's not because of
lack of production, stocks are being replenished."
"We are also concerned about the second quarter", he
added, commenting on the expected seasonal drop in demand.
Khelil said in Algiers earlier on Monday that because
of that expected fall in demand he wanted OPEC to proceed
with a one million barrels per day output cut from April 1.
OPEC should go ahead with its April 1 output cut of one
million barrels per day, Venezuelan Energy and Mines
Minister Rafael Ramirez said on Tuesday.
"Venezuela fully supports the decision of OPEC to cut
one million barrels in April - that's our position",
Ramirez told reporters.
OPEC in February agreed to cut its output ceiling from
April and also rein in overproduction in March.
Kuwait and the UAE have suggested the April cut could
be postponed because oil prices are riding high.
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