VARIOUS: OIL PRICES TUMBLE AFTER SAUDI ARABIA ANNOUNCES INCREASE IN CRUDE OIL OUTPUT.

Record ID: 976561

  • Title: VARIOUS: OIL PRICES TUMBLE AFTER SAUDI ARABIA ANNOUNCES INCREASE IN CRUDE OIL OUTPUT.
  • Date: 4th July 2000
  • Summary: RIYADH, SAUDI ARABIA (JULY 3, 3000) (SAUDI TV - NO ACCESS SAUDI ARABIA/ INTERNET) 1. MV: VARIOUS OF SAUDI CABINET MEETING WHERE THE ANNOUNCEMENT IS REPORTED TO HAVE BEEN DECIDED UPON 0.16 LONDON, UNITED KINGDOM (JULY 4, 2000) (REUTERS) 2. MCU: SOUNDBITE (English) JOHN TOALSTER, DIRECTOR OF OIL AND GAS RESEARCH, SG SECURITIES, SAYING: "Well no they're not quite split, I think what is happening is that Saudi Arabia realises prices are too high, other OPEC countries realise that prices are too high, the difference in opinion is how to get them down and how soon. I think the other members of OPEC would prefer to wait until the next scheduled meeting, that takes place on the tenth of September. The others believe that you should wait until then, Saudi Arabia realises the price is far too high and if they delay any decision until the tenth of September it won't be implemented until the first of October and in that case we'll have far too high a level of prices for the US gasoline season in July August and September and therefore they want to act before that happens and try to preempt further price rises." 1.00 VIENNA, AUSTRIA, (RECENT) (REUTERS) 3. CU/GV: EXTERIORS OF OPEC HEADQUARTERS (2 SHOTS) 1.10 4. GV: INTERIOR OF OPEC MEETING 1.13 5. MV: SAUDI OIL MINISTER ALI AL-NAIMI AT MEETING 1.20 6. CU: CLOSE UP OF NAIMI 1.25 7. SV: CAMERAMEN FILMING MEETING 1.27 LONDON, ENGLAND, UNITED KINGDOM (JULY 4, 2000) (REUTERS) 8. CU: SOUNDBITE (English) TOALSTER SAYING "We think in fact the market needs at least half a million probably more like a million barrels a day and even that would only be enough to keep the market moderately balanced in the third and fourth quarters and there will need to be more oil being produced to lead to an increased level in stocks, it won't take too much pressure off the markets, but it will certainly help." 1.45 BANDAR ABBAS, IRAN (FILE) (REUTERS) 9. VARIOUS: VARIOUS OF OIL REFINERY (6 SHOTS) 2.33 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 18th July 2000 13:00
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  • Location: VIENNA, AUSTRIA/ RIYADH, SAUDI ARABIA/ BANDAR ABBAS, IRAN/ LONDON, ENGLAND, UNITED KINGDOM
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  • Country: Saudi Arabia Austria Iran England United Kingdom
  • Reuters ID: LVA58XBTCKPNZ7J6L96VEZLT5CD
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  • Copyright Holder: REUTERS - SOURCE TO BE VERIFIED
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