AUSTRIA: ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) AGREES ON REDUCTION IN CRUDE OIL SUPPLIES

Record ID: 643537

  • Title: AUSTRIA: ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) AGREES ON REDUCTION IN CRUDE OIL SUPPLIES
  • Date: 18th January 2001
  • Summary: AUSTRIA, VIENNA (JANUARY 17, 2001) (REUTERS) (FOR DETAILED SHOTLIST OF SHOTS 1 - 12 PLEASE SEE PROD NUMBER 0601/01 TAPE 6395) 1. JOURNALISTS WAITING FOR MINISTERS TO ARRIVE 2. SAUDI OIL MINISTER ALI AL-NAIMI ARRIVING 3. VARIOUS OF JOURNALISTS SURROUNDING MINISTERS 4. QATARI OIL MINISTER ABDULLAH BIN HAMAD AL-ATTIYAH ARRIVING 5. KUWAITI OIL MINISTER SAUD NASSER AL-SABAH SURROUNDED BY JOURNALISTS 6. (SOUNDBITE) (ENGLISH) OPEC SECRETARY GENERAL ALI RODRIQUEZ-ARAQUE ASKED WHETHER THE CUT IN THE OIL OUTPUT COULD MAKE THE PRICE OF OIL ROCKET AGAIN, SAYING: "No, no I think that we will maintain the price between the two market levels." 7. VARIOUS OF THE MEETING, MINISTERS SEATED AT THE ROUND TABLE 8. VARIOUS OF SESSION 9. IRANIAN OIL MINISTER BIJAN NAMDAR ZANGENEH 10. SAUDI OIL MINISTER ALI AL-NAIMI 11. WIDE OF THE CONFERENCE ROOM (RECENT FILE MATERIAL) (REUTERS) 12. VARIOUS OF OIL REFINERY 2.17 AUSTRIA, VIENNA (JANUARY 17, 2001) (REUTERS) 13. (SOUNDBITE) (English) OPEC SECRETARY GENERAL ALI RODRIQUEZ-ARAQUE SAYING: "We have shown in the last year that it is possible for the OPEC countries to maintain a very strong discipline." 2.31 14. SLV PRESS CONFERENCE 2.34 15. (SOUNDBITE) (English) OPEC SECRETARY GENERAL ALI RODRIQUEZ-ARAQUE, REFERRING TO IRAQ, SAYING: "The statement of the government, they are going to export and they want to export two millions and one hundred or two millions and three hundred barrels per day, of course, the climate of supplies and consumption all depends as does the oil producing capability of Iraq." 3.06 16. SLV PRESS CONFERENCE 3.09 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 2nd February 2001 12:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVACYMU0UX37VFGZR4F0FYOBU27Z
  • Story Text: The Organisation of the Petroleum Exporting Countries
    (OPEC) has agreed on a substantial reduction in crude oil
    supplies at the end of a meeting in Vienna. Ministers from the
    OPEC countries have backed a proposal from Saudi Arabia for a
    cut of 1.5 million barrels a day that lowers limits for 10
    members to 25.2 million.

    OPEC ministers gathered at a conference in the Austrian
    capital Vienna ratified on Wednesday (January 17) a 1.5
    million barrels per day oil output cut.

    The cut, proposed by Saudi Arabia, has received full
    backing from fellow OPEC (Organisation of the Petroleum
    Exporting Countries) members during an OPEC committee which
    met ahead of the ministerial meeting on Wednesday and was
    chaired by Iranian Oil Minister Bijan Zanganeh.

    Major importing nations are worried OPEC's policy could
    spell trouble for the slowing economies of the West by raising
    energy costs again.

    U.S. light crude traded on Wednesday at just over 30 U.S.

    dollars (USD) a barrel. OPEC's basket of lower quality crudes
    still is valued below 25 USD.

    OPEC wants to prevent oil slipping below 20 USD, let alone
    collapse back into the single-digit prices seen in 1998.

    OPEC was blamed last year for stirring inflation by moving
    too slowly to restore output curbs that propelled oil prices
    from the lows of 1998 to a 35 USD high for benchmark Brent
    three months ago.

    Inventories of crude and petroleum products slipped to
    record lows. Consuming nations are worried that OPEC cutbacks
    will prevent stocks rebuilding and keep prices volatile.

    The United States and the European Union had urged OPEC to
    consider maintaining output or at least to make only a modest
    reduction.

    Analysts said deliveries in practice were likely to
    subside by closer to one million bpd than the 1.5 million on
    paper because some countries now were unable to meet their
    quotas, analysts said.


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