AUSTRIA: OPEC DELEGATES ARRIVE FOR TWO DAY MEETING ON GLOBAL ENERGY SECURITY ISSUES

Record ID: 647972

  • Title: AUSTRIA: OPEC DELEGATES ARRIVE FOR TWO DAY MEETING ON GLOBAL ENERGY SECURITY ISSUES
  • Date: 18th September 2005
  • Summary: (EU) VIENNA, AUSTRIA (SEPTEMBER 18) ACCESS ALL 1. CAR WITH OPEC PRESIDENT, KUWAITI OIL MINISTER SHEIKH AHMAD AL-SABAH, ARRIVING 2.28 2. OPEC PRESIDENT SHEIKH AHMAD AL-SABAH GETTING OUT OF CAR 3. (SOUNDBITE) (English) OPEC PRESIDENT, KUWAITI OIL MINISTER SHEIKH AHMAD AL-SABAH SAYING: "For us the price is still high and we believe that what we can do to stabilise the price is very important. I don't know what would be a fair price but now it is much higher than we expected." 4. CAR WITH VENEZUELAN OIL MINISTER RAFAEL RAMIREZ ARRIVING 5. VENEZUELAN OIL MINISTER WALKING INTO HOTEL 6. (SOUNDBITE) (English) VENEZUELAN OIL MINISTER RAFAEL RAMIREZ SAYING: "We have a very big problem in the downstream sector. We had it before and we have it even more now after Katrina. We believe that the upstream is OK and that the market is well supplied. It is not necessary to increase production. If we increase some barrels the situation on the market doesn't change." 7. UNITED ARAB EMIRATES OIL MINISTER ARRIVING IN FRONT OF HOTEL, GETTING OUT OF CAR 8. (SOUNDBITE) (English) UNITED ARAB EMIRATES OIL MINSTER, MOHAMMED BIN DHAEN AL-HAMLI SAYING: "I think the market is very well supplied. The fundamentals are in very good shape, but if there is a need on the market to have more, we will give more. There is some talk about 500 a day, but I think that is not going to happen." 9. (SOUNDBITE) (English) QATARI OIL MINSTER ABDULLAH AL-ATTIYAH SAYING: "The problem today is a big shortage of products in the United States because they closed several refineries after Katrina. The shortage in products, not crude oil, as we see there is not any call for extra oil production." Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 3rd October 2005 13:00
  • Keywords:
  • Location: VIENNA, AUSTRIA
  • Country: Austria
  • Reuters ID: LVA4ONA9ZDGPIKHZCSOU7TCLW1OZ
  • Story Text: OPEC delegates arrive in Vienna for a two-day meeting
    aiming to counter global energy security concerns.


    OPEC oil producers on Sunday (September 18) prepared to raise
    supply limits to counter global energy security concerns after Hurricane Katrina pushed crude prices over 70 U.S. Dollars (USD) a barrel.

    Under pressure from importing nations, the Organization of the
    Petroleum Exporting Countries will begin a two-day meeting on Monday
    (September 19) to consider raising output just as fuel demand starts to buckle under the impact of high prices.

    Crude has fallen from a record 70.85 USD a barrel in the three weeks since Katrina tore into U.S. Gulf refineries, losing 1.75 on Friday to close at 63 USD.

    "For us (OPEC) the price is still very high," OPEC President
    Sheikh Ahmad al-Sabah told reporters in Vienna.

    Sheikh Ahmad meets European Union Energy Commissioner Andris Piebalgs in Vienna later on Sunday and is likely to stress that OPEC is doing its best to prevent inflated energy costs hurting global economic growth.

    Ministers say they will consider adding 500,000 to 1 million barrels a day, 2-3.5 percent, on existing limits of 28 million bpd (barrels per day).

    Iraq, with no quota, pumps an additional two million bpd.

    But OPEC is warning that any cartel agreement may not actually deliver more crude because global refining is already stretched to full capacity.

    With nearly 900,000 bpd of U.S. refining still shut after Katrina the only producer able to pump more, Saudi Arabia, cannot find buyers.

    "The problem today is a big shortage of products in the United
    States because they closed several refineries after Katrina. The shortage is in products, not crude oil. As we see there is not any call for extra oil production," Qatari oil minister Abdullah al-Attiyah told reporters upon arrival in Vienna.

    He reiterated his view that there was a shortage of refined oil
    products, rather than crude, in the world market.


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