AUSTRIA: OPEC OIL MINISTERS SAY THEY WILL KEEP OIL SUPPLY LIMITS UNCHANGED DUE TO LOW IRAQI OUTPUT

Record ID: 344984

  • Title: AUSTRIA: OPEC OIL MINISTERS SAY THEY WILL KEEP OIL SUPPLY LIMITS UNCHANGED DUE TO LOW IRAQI OUTPUT
  • Date: 31st July 2003
  • Summary: (W5) VIENNA, AUSTRIA (JULY 30, 2003) (REUTERS) 1. SLV SECURITY OUTSIDE OPEC HEADQUARTERS IN VIENNA; SCU SIGN FOR OPEC 0.08 2. MV SAUDI OIL MINISTER ALI NAIMI GETTING OUT OF CAR AND WALKING INTO HOTEL SURROUNDED BY REPORTERS AND SECURITY, GETTING INTO LIFT (3 SHOTS) 0.39 2. (SOUNDBITE) (English) ALGERIAN OIL MINISTER CHAKIB KHELIL SAYING "Iraq is probably coming in and the International Energy Agency is predicting that in the winter there will be an oversupply, so we will keep monitoring." 1.05 3. (SOUNDBITE) (English) UNITED ARAB EMIRATES OIL MINISTER OBAID BIN SAIF AL-NASSERI SAYING "The price is I think still within the set band which has been agreed by OPEC so we are in a comfortable area." 1.23 4. SCU REPORTERS ON PHONE 1.27 5. (SOUNDBITE) (English) UNITED ARAB EMIRATES OIL MINISTER OBAID BIN SAIF AL-NASSERI, ANSWERING QUESTION ON WHEN HE THINKS IRAQ WILL REACH ITS PRODUCTION LEVEL, SAYING: "I think it will take time, maybe towards the end of the year, or the first quarter of next year." 1.41 6. SLV EXTERIOR OPEC HEADQUARTERS, FOUNTAIN, MAIN BUILDING (2 SHOTS) 1.49 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 15th August 2003 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVAE23KJN819LE1LXYVDIISUN1JA
  • Story Text: OPEC oil ministers gathering in Vienna say they will keep
    oil supply limits unchanged due to low Iraqi output
    Organisation of the Petroleum Exporting Countries
    (OPEC) oil ministers gathered in Vienna for an
    extraordinary meeting on Wednesday (July 30, 2003) and signalled
    they would keep oil supply limits unchanged.

    Iraq has been slow at resuming its oil production and
    this situation means OPEC members will not need to tighten
    the taps till later this year.

    "Iraq is probably coming in and the International Energy
    Agency is predicting that in the winter there will be an
    oversupply, so we have to keep monitoring," Algerian Oil
    minister Chakib Khelil, told reporters upon arrival in
    Vienna.

    Ministers are drawing comfort from prices above 27 U.S.

    dollars (USD) a barrel for an index of OPEC crudes, near
    the top end of the groups 22-28 USD target range.

    "The price is, I think, still within the set band which
    has been agreed by OPEC, so we are in a comfortable area, said
    United Arab Emirates Oil Minister Obaid bin Saif al-Nasseri.

    Since United States (U.S.) forces took Baghdad in early
    April, OPEC members have been fretting that a surge in
    Iraqi exports would hit crude markets. But, looting,
    sabotage, war damage and facilities dilapidated by 12 years
    of sanctions have restricted exports to a fraction of
    pre-war volumes.

    That could let OPEC off the hook on supply cuts for the
    rest of the year.

    Having signed its first long-term supply contracts last
    week, Iraq's state oil marketing organisation SOMO is
    planning sales of 650,000 barrels a day in August.

    Less than a third of pre-war export capacity of 2.2
    million barrels daily, all of August's supplies, will come
    from Iraq's southern Basra oilfields.

    Northern Kirkuk oilfields, capable of 900,000 barrels a
    day, remain cut off by sabotage attacks on the northern
    export pipeline.

    United Arab Emirates Oil Minister Obaid bin Saif
    al-Nasseri, said it would take time for Iraq to return to
    its pre-war output.

    "I think it will take time, maybe towards the end of
    this year or the first quarter of next year, said al-Nasseri
    of the return to full supplies from Iraq.

    Walid Khadduri, an expert on Iraq and editor of the
    Middle East Economic Survey said earlier this week that
    Iraq plans to go up to 1.5 million barrels per day (bpd) of
    sustainable production capacity by October which would be
    achievable if there is security and uninterrupted power
    supply.


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