- Title: AUSTRIA: OPEC MINISTERS SAY HIGH OIL PRICES ARE OUTSIDE OF OPEC'S CONTROL
- Date: 16th June 2005
- Summary: (BN11) VIENNA, AUSTRIA (JUNE 14, 2005) (REUTERS) 1. SLV EXTERIOR OPEC BUILDING WITH OPEC SIGN AND FLAGS; MV QATARI OIL MINISTER ABDULLAH AL ATTIYAH ARRIVING FOR MEETING, WALKING INTO HOTEL 0.09 2. SOUNDBITE (English) QATARI OIL MINISTER ABDULLAH AL-ATTIYAH, SAYING: "We cannot solve it because - yes, we can produce more oil, we have more oil on the market now, but we cannot solve the limitations of refining. This is what Europe, America and Japan should understand. We can offer crude oil." 0.30 3. ABDULLAH AL-ATTIYAH WALKING AWAY; SLV CAR ARRIVING, UNITED ARAB EMIRATES OIL MINISTER MOHAMMED BIN DHAEN AL-HAMLI GETTING OUT OF CAR, ENTERING HOTEL 0.56 4. SOUNDBITE (English) SAUDI OIL MINISTER ALI NAIMI, SAYING: "You guys are focused on the wrong thing, you know and I know that what is driving the price is not supply. What is driving the price is lack of refining capacity worldwide. And everybody is concerned about middle distance. That's it." 1.18 5. MV NIGERIA'S REPRESENTATIVE, PRESIDENTIAL ADVISER ON PETROLEUM AND ENERGY ADMUND MADUABEBE DAUKORU WALKING INTO HOTEL 1.29 6. ALGERIA'S OIL MINISTER CHAKIB KHELIL GETTING OUT OF CAR 1.36 7. SOUNDBITE (English) ALGERIA'S OIL MINISTER CHAKIB KHELIL, SAYING: "There is plenty of oil in the market. We can put in a little more if that's what it takes to calm the market but I think its not going to affect much the market because the main problem is refining." 1.59 8. SOUNDBITE (English) LIBYAS OIL MINISTER FATHI HAMED BEN SHATWAN, SAYING: "We will see what the effect of the 500, 000 increase will be on the market. If it lowers the price than it will be enough, if not, then we might have to increase by another (500,000)." 2.12 9. SLV EXTERIOR OF OPEC BUILDING 2.18 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 1st July 2005 13:00
- Keywords:
- Location: VIENNA, AUSTRIA
- Country: Austria
- Reuters ID: LVAB29R82EXBG1I2VOTT90G419WM
- Story Text: OPEC ministers say high oil prices are outside OPECs
control.
Meeting on Wednesday (June 14, 2005) in Vienna, the
Organization of the Petroleum Exporting Countries is
considering lifting output quotas by 500,000 barrels a day,
but OPEC ministers said on Tuesday the move would not tame
current oil prices.
"We cannot solve it because - yes, we can produce more
oil, we have more oil on the market now, but we cannot
solve the limitations of refining," Qatari oil minister
Abdullah al-Attiyah told reporters upon arriving in Vienna.
When asked if the cartel had the power to tame
current high prices, the minister replied: "No. Governments
should consider more incentives for increased investment in
refineries", Attiyah added.
The organisations inability to tackle high oil prices
was underlined when its biggest producer Saudi Arabia said
real supplies would not rise despite a plan to increase
official quota limits.
Saudi oil minister Ali Naimi also told reporters upon
arriving in Vienna supply was not driving the high oil
price.
"You know and I know that what is driving the price is
not supply. What is driving the price is lack of refining
capacity worldwide," Naimi said. U.S. crude eased 51 cents
to 55.11 U.S. dollars a barrel in Tuesday trade after a 2
U.S. dollar leap on Monday. Average prices for the year so
far are near 51 U.S. dollars a barrel, up 20 U.S. dollars
since 2003.
OPEC shares consumer country concerns about 50-plus
U.S. dollars oil because of the potential impact on fuel
demand and the incentive for investment in alternatives.
Actual OPEC output for 10 members with supply
allocations is already close to 28 million bpd so very
little, if any, new crude is expected to reach the market
as a result of Wednesdays meeting.
OPEC is at full capacity bar some Saudi volume of
heavy, high-sulphur crude that needs advanced refinery
technology to meet Western environmental regulations.
A shortage of that type of refinery capacity has
squeezed global supplies of refined products known as
middle distillates, diesel, heating oil and jet fuel.
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