INDONESIA: OPEC DELEGATES BEGIN LEAVING THE INDONESIAN RESORT OF BALI AFTER SETTING ASIDE THEIR POLITICAL DIVISIONS
Record ID:
646122
INDONESIA: OPEC DELEGATES BEGIN LEAVING THE INDONESIAN RESORT OF BALI AFTER SETTING ASIDE THEIR POLITICAL DIVISIONS
- Title: INDONESIA: OPEC DELEGATES BEGIN LEAVING THE INDONESIAN RESORT OF BALI AFTER SETTING ASIDE THEIR POLITICAL DIVISIONS
- Date: 22nd November 1994
- Summary: DENPASAR, BALI, INDONESIA (NOVEMBER 22 AND 23, 1994) (RTV -- ACCESS ALL) NOTE: QUALITY AS INCOMING NOVEMBER 23, 1994 1. GV ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) MEMBER FLAGS FLYING (2 SHOTS) 0.06 2. GV CARS LEAVING CONFERENCE HOTEL (2 SHOTS) 0.15 NOVEMBER 22, 1994 3. GV JOURNALISTS TALKING TO OIL MINISTERS 0.28 4. GV ARRIVAL OF NIGERIA'S RILWANU LUKMAN, VOTED NEW OPEC SECRETARY-GENERAL 0.36 5. WS INTERIOR OF CONFERENCE ROOM WITH MINISTERS CONGRATULATING LUKMAN/ PRESS (2 SHOTS) 0.48 6. GV LUKMAN CONGRATULATED BY OPEC LEADER SUBROTO OF INDONESIA 0.56 7. WS OPEC OIL MINISTERS SEATED AT CONFERENCE TABLE, AT CLOSING SESSION 1.05 8. GV IRANIAN DELEGATION 1.12 9. GV NIGERIAN DELEGATION 1.19 10. GV SAUDI ARABIAN DELEGATION/OIL MINISTER HISHAM NAZER 1.23 11. WS INDONESIA'S IDA BAGUS SUDJANA CLOSING 97TH OPEC CONFERENCE, DELEGATES APPLAUSE 1.28 12. GV SAUDI ARABIAN OIL MINISTER HISHAM NAZER WITH INDONESIA'S SUDJANA AND NIGERIAN DELEGATE LEAVING MEETING 1.39 13. GV MEETING IN PROGRESS 1.46 14. GV UNITED ARAB EMIRATES (UAE) DELEGATION 1.53 15. GV LIBYAN OIL MINISTER ABDULLAH SALEM AL-BADRI 1.58 16. GV SAUDI DELEGATION 2.03 Initials Script is copyright Reuters Limited. All rights reserved.
- Embargoed: 7th December 1994 12:00
- Keywords:
- Location: DENPASAR, BALI, INDONESIA
- City:
- Country: Indonesia
- Reuters ID: LVA71HYMZM3UZDY9K4P6IBHAFTRI
- Story Text: OPEC delegates began leaving the Indonesian island resort of Bali on Wednesday (November 23) after setting aside their deep political divisions long enough to clinch a deal on 1995 oil production and to resolve the sensitive issue of picking a new secretary-general.
Oil ministers from the 12 members of the Organisation of the Petroleum Exporting Countries agreed on Tuesday (November 22) to freeze oil production for all of next year at 24.52 million barrels per day.
They also agreed on a compromise candidate, Nigeria's Rilwanu Lukman, for the group's top executive post.
Both decisions were unanimous and oil markets rewarded the cartel for its rare display of unity by hiking oil prices, which have now risen by 30 United States (U.S.) cents a barrel since last Friday (November 18).
Ida Bagus Sudjana, oil minister for Indonesia, OPEC's only Asian member, said he expected the output agreement would raise oil prices gradually.
When asked if the deal could push oil prices to 18 U.S. dollars or 19 U.S. dollars per barrel, Sudjana said that he hoped so.
Encouraged by strong growth forecasts for the next few years, jubilant OPEC ministers even began dusting off references to OPEC's 21 U.S. dollar oil target price. The last time OPEC oil fetched 21 U.S. dollars per barrel was in late 1990 after Iraq invaded Kuwait.
OPEC, the once-mighty cartel that held world markets to ransom in the 1970s and early 1980s, will once again supply over half of the globe's oil needs by the year 2000, largely due to growing demand from developing Asian economies.
Just as challenging for OPEC was resolving the politically touchy issue of picking a new secretary-general.
Iran and Venezuela blocked each other at the last OPEC meeting but both made unusual concessions in Bali, paving the way for Nigeria's Lukman, past oil minister and OPEC president.
Lukman, 56, took over as president of OPEC during the worst of the 1980s oil glut, when prices crashed from 40 U.S. dollars per barrel to 10 U.S. dollars.
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