QATAR: OPEC MINISTERS MEET IN DOHA TO DISCUSS OIL PRICES AND THE EFFECT OF THE IRAQ SITUATION ON THE INDUSTRY

Record ID: 344970

  • Title: QATAR: OPEC MINISTERS MEET IN DOHA TO DISCUSS OIL PRICES AND THE EFFECT OF THE IRAQ SITUATION ON THE INDUSTRY
  • Date: 10th June 2003
  • Summary: (U6) DOHA, QATAR (10 JUNE,2003) (REUTERS - ACCESS ALL) 1. EXTERIOR: RITZ CARLTON HOTEL DOHA 0.11 2. VARIOUS: FLAGS OF OPEC COUNTRIES (2 SHOTS) 0.19 3. MLV: QATARI OIL MINISTER ABDULLAH BIN HAMAD AL ATTIYAH SPEAKING TO PRESS 0.24 4. SCU: (SOUNDBITE)(English) QATARI OIL MINISTER ABDULLAH BIN HAMAD AL ATTIYAH SPEAKING TO REPORTERS IN
  • Embargoed: 25th June 2003 13:00
  • Keywords:
  • Location: DOHA, QATAR
  • Country: Qatar
  • Reuters ID: LVABC901454IGBXGOSM0L9F6O73Y
  • Story Text: The market drew some fuel from the stocks of oil and
    gas companies after crude prices remained near 12-week highs
    ahead of an OPEC ministers meeting this week, despite signs
    that high oil prices and low stocks in the West would hold
    back the cartel from cutting output.



    OPEC ministers meeting in the Middle East emirate of
    Qatar on Wednesday are widely expected to leave production
    limits unchanged as delays in the resumption of Iraq's oil
    exports have kept global supply tight.

    Qatari Oil minister Abdullah Bin Hamad Al Attiyah, when
    asked about Iraqi oil coming onto the market said:
    "This is one of the topic that OPEC will discuss tomorrow
    and how we can accommodate Iraq when it comes I believe that
    that Iraq will come to the market soon OPEC should accommodate
    Iraq by cutting production so we can balance the return of
    Iraq to the market avoiding any sort of loss that will reflect
    negatively to the market. We will discuss all these options.

    We have to concentrate on the supply and demand we have to
    concentrate weather some analysts say that there will be some
    surplus by 1.5 million barrels we have to also very carefully
    check this number and we will take the right decisions at the
    right time."
    Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said on
    Tuesday he wanted OPEC to keep its current 25.4 million
    barrels per day (bpd) ceiling in place until it meets again in
    late September.

    "From now to September, Iraq will still have a lot (to do)
    to reach the previous level of production ... we still have
    time to continue with our ceiling," the minister said.

    After falling steadily from 12-year highs near 40 U.S.

    dollars after Middle East oil facilities escaped the U.S.-led
    invasion of Iraq without much damage, prices have rebounded to
    levels over 30 USD per barrel, which can further undermine
    already weak economic growth.

    The Organisation of the Petroleum Exporting Countries,
    which controls around half the world's crude exports, aims to
    keep prices in a range of 22 to 28 USD a barrel for its basket
    of crude oils. The basket was last valued at 27.53 USD.

    OPEC was also expected to press independent exporters such
    as Russia, Norway and Mexico to back any supply cuts needed
    later, OPEC President Abdullah al-Attiyah al-Attiyah said.

    More indications on global oil supply and demand will be
    released on Wednesday when the U.S. government publishes its
    weekly petroleum inventory data, a key indicator in oil
    markets.

    The figures are expected to show a small crude stock
    increase in the week ending last Friday, a Reuters poll of oil
    market analysts showed.







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