AUSTRIA/FRANCE: OPEC MEMBERS ARRIVE IN VIENNA FOR MEETING EXPECTED SEAL A THIRD OIL PRODUCTION INCREASE THIS YEAR/ WEEK-LONG STRIKE OVER RISING OIL PRICES CASTS SHADOW OVER EU FINANCE MINISTERS MEETING IN VERSAILLES

Record ID: 647069

  • Title: AUSTRIA/FRANCE: OPEC MEMBERS ARRIVE IN VIENNA FOR MEETING EXPECTED SEAL A THIRD OIL PRODUCTION INCREASE THIS YEAR/ WEEK-LONG STRIKE OVER RISING OIL PRICES CASTS SHADOW OVER EU FINANCE MINISTERS MEETING IN VERSAILLES
  • Date: 8th September 2000
  • Summary: VIENNA, AUSTRIA (SEPTEMBER 8, 2000) (REUTERS - ACCESS ALL) 1. WS: EXTERIOR OF HOTEL 0.05 2. SV: (SOUNDBITE) (English) SAUDI ARABIAN MINISTER OF PETROLEUM AND MINERAL RESOURCES, ALI IBRAHIM NAIMI ARRIVING, STEPS OUT OF VEHICLE REPLYING TO REPORTERS' QUESTIONS, SAYING: "You are asking the wrong question." 0.28 3. WS: EXTERIOR OF HOTEL 0.32 4. SV: (SOUNDBITE) (English) ALGERIAN MINISTER OF ENERGY AND MINES, KHELIL CHAKIB, GREETED BY MEDIA AND HOTEL STAFF, SAYING: "It is a big day... It's a big day." 0.56 5. TRACK: KHELIL CHAKIB ENTERS HOTEL, FOLLOWED BY MEDIA 1.12 6. SV: ARRIVAL OF LIBYAN SECRETARY OF THE PEOPLE'S COMMITTEE OF THE NATIONAL OIL CORPORATION, ABDALLA SLEM EL-BADRI 1.22 7. SV: ABDALLA SLEM EL-BADRI ENTERS HOTEL 1.35 VERSAILLES, FRANCE (SEPTEMBER 8, 2000) (REUTERS - ACCESS ALL) 8. SLV: EXTERIOR OF HOTEL TRIANON 1.40 9. TRACK: FRENCH FINANCE MINISTER LAURENT FABIUS GREETING LUXEMBOURG PRIME MINISTER JEAN CLAUDE JUNCKER BY PATTING HIM ON THE BACK 1.47 10. SCU: (SOUNDBITE)(English) LUXEMBOURG PRIME MINISTER JEAN CLAUDE JUNCKER TALKING ABOUT HIGH OIL PRICES, SAYING: "This is giving us much concern because in addition to the weak euro, this could lead us to inflationary fears which could be harmful to economic recovery. And so we have to act on that field too. (Question: what message would you like to give to OPEC) I dont think that they are listening to European finance ministers, but nevertheless we have to let them know what we are thinking about all of this." 2.17 11. SV: ITALIAN FINANCE MINISTER VINCENZO VISCO ARRIVING 2.28 12. TRACK: PEOPLE SEATED AT MEETING 2.33 13. SV: FABIUS PUTTING ON GLASSES 2.37 14. SV: DUTCH FINANCE MINISTER GERRIT ZALM READING 2.41 15. SV: GERMAN FINANCE MINISTER HANS EICHEL 2.45 16. SV: AUSTRIAN FINANCE MINISTER KARL HEINZ GRASSER 2.50 17. WIDE VIEW OF MEETING ROOM 2.54 18. VARIOUS OF NEWS CONFERENCE GIVEN BY FRENCH PRESIDENCY (2 SHOTS) 3.04 19. SCU/MV: (SOUNDBITE)(French) FRENCH FINANCE MINISTER LAURENT FABIUS, SAYING: "As far as what is in our hands, we will continue with structural reform. We re-state that the economic fundamentals are robust. We reaffirm we want a strong euro. In other words, the current level is not appropriate if you compare economies. That is to say we want to avoid some of the misunderstandings that have arisen in the past. We think that this is very important." (3 SHOTS) 3.35 20. VARIOUS EXTERIORS OF HOTEL (2 SHOTS) 3.50 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 23rd September 2000 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA / VERSAILLES, FRANCE
  • City:
  • Country: Austria France
  • Reuters ID: LVAE7N9DCX85JSFG65OE2RJFE8OM
  • Story Text: Members of the Organisation of Petroleum Exporting
    Countries (OPEC) have begun arriving in Vienna for a meeting
    on Sunday (September 10) expected to seal a third supply
    increase this year in an attempt to rein in sky-high crude
    prices.

    Meanwhile, high oil prices which sparked four days of
    strikes that paralysed France, cast a dark shadow over the
    informal meeting of European finance ministers in Versailles.



    Saudi Arabian minister of Petroleum and Mineral Resources
    Ali Ibrahim Naimi, Algerian minister of Energy and Mines
    Khelil Chakib and the Libyan Secretary of the People's
    Committee of the National Oil Corporation Abdalla Slem
    El-Badri arrived in Vienna on Friday (September 8) ahead of
    Sunday's meeting to decide supply policy for the coming
    months.

    OPEC has an informal agreement to raise oil supplies if
    the average price for several international crude oil grades
    -- the OPEC basket -- moves above $28 a barrel for longer than
    four weeks. The OPEC basket price as of Thursday (September
    8) was $33.84.

    OPEC is expected to announce in Vienna a cartel-wide
    production hike of about 700,000 barrels per day, or about 3
    percent of current levels.

    More ministers are expected to arrive in Vienna to attend
    bilateral talks on Saturday (September 9) ahead of the
    Sunday's meeting which have given grounds for optimism that
    the oil cartel will mount its third supply increase in a year
    to soothe an international outcry over high energy costs
    With nation-wide fuel price protests by truckers and
    farmers jamming fuel depots and bleeding Frances petrol
    stations dry, French Finance Minister Laurent Fabius who
    chaired a meeting between European finance ministers in
    Versailles on Friday (September 8) also wants his colleagues
    to weigh up a response to the surge in world oil prices.

    Speaking about high oil prices, Luxembourg prime
    minister Jean Claude Juncker said, "This is giving us much
    concern because in addition to the weak euro, this could lead
    us to inflationary fears which could be harmful to economic
    recovery. And so we have to act on that field too."
    When asked what message he would like to give OPEC,
    Juncker replied, "I don't think that they are listening to
    European finance ministers, but nevertheless we have to let
    them know what we are thinking about all of this."
    Officials say finance ministers will seek to tackle the
    problem on several fronts, firstly by reinforcing Europe's
    call on OPEC oil producer states to see that the price falls
    to about
    $20 per barrel as OPEC ministers prepare to meet on Sunday.

    The ministers are expected to renew their message of
    confidence in the euro, as well as consult on ways to tackle
    soaring oil prices.

    The euro was on the slide again late Friday despite a
    barrage of comments from senior European policy makers to try
    to boost the beleaguered currency ahead of a key meeting of
    euro-zone finance ministers near Paris.

    French Finance Minister Laurent Fabius said, "As far as
    what is in our hands, we will continue with structural reform.

    We re-state that the economic fundamentals are robust. We
    reaffirm we want a strong euro. In other words, the current
    level is not appropriate if you compare economies."
    Friday's gathering in Versailles, which will include ECB
    Vice President Christian Noyer, will be widened on Saturday to
    include the finance ministers of Britain, Sweden and Denmark,
    the three European Union countries which are not in the euro
    currency zone and oil prices are expected to be discussed
    further.


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