AUSTRIA: OPEC EXPECTED TO AGREE TO HOLD PRODUCTION STEADY AND KEEP OUTPUT LIMITS UNCHANGED FOR THE REST OF THE YEAR

Record ID: 647365

  • Title: AUSTRIA: OPEC EXPECTED TO AGREE TO HOLD PRODUCTION STEADY AND KEEP OUTPUT LIMITS UNCHANGED FOR THE REST OF THE YEAR
  • Date: 22nd September 2003
  • Summary: (W4) VIENNA, AUSTRIA (SEPTEMBER 23, 2003) (REUTERS -- ACCESS ALL) 1. SV IRAQI DELEGATION ENTERING HOTEL, IBRAHIM BAHR AL ULUOM WALKING IN HOTEL LOBBY SURROUNDED BY SECURITY; WALKING UP THE STAIRS 0.16 (W4) VIENNA, AUSTRIA (SEPTEMBER 22, 2003) (REUTERS -- ACCESS ALL) 2. MCU ALGERIA'S OIL MINISTER CHAKIB KHELIL GETTING OUT OF CAR/ (English) ALGERIA'S OIL MINISTER CHAKIB KHELIL SAYING: "Do you think we need to take any actions? I don't think so. Its quiet, its stable, the market is well AUDIO OF REPORTER ASKING "DO YOU WELCOME IRAQ TO THIS MEETING?", CHAKIB KHELIL SAYING: "Iraq has always been a full member of OPEC." REPORTER ASKING "AND IN THIS MEETING?", CHAKIB KHELIL SAYING: "Yes, and in this meeting." 0.45 (W4) VIENNA, AUSTRIA (SEPTEMBER 22, 2003) (REUTERS -- ACCESS ALL) 3. SV (English) ALGERIA' OIL MINISTER CHKIB KHELIL WALKING IN LOBBY, AUDIO OF REPORTER'S QUESTION "SO, WILL IRAQ BE ATTENDING THE FULL MEETING?", CHAKIB KHELIL SAYING: "I hope so." 0.52 4. SV KHELIL WALING ALONG CORRIDOR SURROUNDED BY PRESS 1.04 5. MCU (ENGLISH) VENEZUELA'S OIL MINISTER RAFAEL RAMIREZ GETTING OUT OF CAR, SAYING: "We think that the market is well balanced and we don't expect any changes."/ (Spanish) RAFAEL RAMIREZ ANSWERING QUESTION OF WHAT VENEZUELA'S POSITION ON IRAQ'S ATTENDANCE WAS, SAYING: "Our position is that OPEC should not make any statement regarding Iraq before the situation has been resolved by the U.N. Venezuela hopes that Iraq will be reincorporated in OPEC but only after the internal situation has been resolved and that there will be a pronouncement by the U.N. about the treatment of the regime that is in place there." 2.01 6. MCU VENEZUELA'S OIL MINISTER RAFAEL RAMIREZ WALKING IN HOTEL LOBBY SURROUNDED BY SECURITY AND REPORTERS 2.08 (W4) VIENNA, AUSTRIA (SEPTEMBER 23, 2003) (REUTERS -- ACCESS ALL) 7. CU PETROL PRICES ON DISPLAY AT PETROL STATION 2.14 8. CU EXT. OF OPEC HEADQUARTERS 2.21 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 7th October 2003 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVA79LK5EKNXI4MWAUSWS1T49438
  • Story Text: OPEC expected to agree to hold production steady and
    keep output limits unchanged for the rest of the year.




    Ministers arriving for a Wednesday (September 23)
    meeting of OPEC (Organisation of the Petroleum Exporting
    Courntries) said they saw no need to cut supplies ahead of
    rising northern hemisphere winter demand.

    "The market is stable, the market is well-supplied,"
    Algerian Oil minister Chakib Khelil told reporters on his
    arrival in the Austrian capital.

    Among early ministerial arrivals there was no dissent
    from that view.

    OPEC sees no need for change despite a $2 (United
    States Dollar) downturn in oil prices in the past two
    weeks, triggered in part by its own confidence that it
    requires no supply cut at least until the first quarter
    2004.

    That has allowed influential hedge fund speculators to
    take a large net short position on U.S. light crude
    futures, pushing prices to a four-month low.

    Iraq's new oil minister Ibrahim Bahr al-Uloum arrived
    for his country's first post-war OPEC meeting under U.S.

    occupation without immediate comment.

    Uloum vowed on his appointment earlier this month to
    play a constructive role in the cartel, calming concerns
    about a potential stand-off on OPEC quotas when Iraqi
    starts to exploit its huge reserves and lifts production.

    Baghdad's stuttering return to pre-war export volumes
    means it is no threat in OPEC for the time being. Supplies
    of about a million barrels a day in September are less than
    half pre-war export capacity.

    Some analysts think OPEC founder member Iraq's
    attendance at OPEC would bring further international
    credibility to Baghdad's U.S.-backed Governing Council,
    particularly in the Arab world. It would also
    allevia
    te concerns in OPEC that an
    eventual sovereign Iraqi government, under U.S. influence,
    might exit the cartel and its system of output restraints,
    raising production from the world's second-largest reserves
    and undermining oil prices in years to come.

    Since the U.S. invasion in March Iraq has been absent
    from meetings, OPEC insisting it would only welcome a
    representative from a government recognised by the United
    Nations.

    Most OPEC members softened that stance after Arab
    League foreign ministers let the Governing Council take
    Iraq's vacant seat at talks last week in Cairo.

    Seven OPEC members also belong to the Arab League but
    Iran and Venezuela, OPEC's second and third biggest
    producers do not and could oppose Iraq's full participation
    in the meeting.



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