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<title>28th Meeting Of The Ministerial Monitoring Sub-Committee</title>
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<p align="center"><img src="../../PressReleaselogo.gif" width="499" height="154" name="Image1"> <img src="../../Anniversary_Logogif.gif" width="136" height="138"></p>
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<b><font size="4">Press Background as pertains to the 107th, 108th <br>
and 109th Meeting of the Conference as well <br>
as that of the 29th MMSC Meeting.</font></b>
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At the <b>107th Meeting of the Conference</b>, held in Vienna, Austria, on 23 March 1999, the Conference, having reviewed the current market situation, agreed to make further reductions in the production of Member Countries (excluding Iraq), making individual Member Country output levels as follows: (in b/d), Algeria 731,000; Indonesia 1,187,000; IR Iran 3,359,000; Kuwait 1,836,000; SP Libyan AJ 1,227,000; Nigeria 1,885,000; Qatar 593,000; Saudi Arabia 7,438,000; United Arab Emirates 2,000,000; Venezuela 2,720,000. Total: 22,976,000. Member Countries strongly emphasized their firm commitment to this agreement, which is effective from 1 April 1999 and valid for one year, and stressed their intention to ensure full compliance. Iraq is not party to this agreement.
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The Conference also recorded its deepest appreciation of the co-operation extended by the esteemed Governments of Mexico, Norway, the Sultanate of Oman, and Russia in pledging additional cuts of 125,000 b/d, 100,000 b/d, 63,000 b/d and 100,000 b/d, respectively, being these Countries' contributions to the steps being taken to restore prices to acceptable levels. The total cuts from OPEC and non-OPEC amount to 2.104 mb/d.
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At the <b>108th Meeting of the Conference</b> held in Vienna, on 22 September 1999, at which representatives from Angola, Mexico, the Russian Federation, and the Sultanate of Oman were present, the Conference voiced satisfaction with the present level of adherence by Member Countries to the production reductions agreed in March 1999, but, noting that there was room for further improvement, urged even greater compliance with agreed production levels. Given the remaining high level of stocks, OPEC Member Countries re-affirmed their strong commitment to the agreement reached in March 1999 until at least the end of March 2000, at which time market conditions would be reviewed and a decision taken that would ensure continued market stability.
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The <b>28th Meeting of the Ministerial Monitoring Sub-Committee</b> met at Headquarters, Vienna, on 14 January 2000. The Sub-Committee reviewed the Reports submitted by the Secretariat on the monitoring of Member Countries' production and supply for the period January to December 1999 and on Oil Stocks, and considered presentations given on the current oil market situation. The Members of the MMSC repeated their conviction that strict adherence to the agreed production restraint by all concerned remained an imperative until at least the end of March 2000.
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At the <b>109th Meeting of the Conference </b>of the Organization of the Petroleum Exporting Countries (OPEC) held in Vienna, Austria, from 27 to 29 March 2000, at which representatives from Angola, Mexico, the Sultanate of Oman and the Russian Federation were present, the Conference decided to hold an Extraordinary Meeting of the Conference on 21 June 2000, in Vienna, Austria, in order to review the situation.
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Algeria, Indonesia, Kuwait, S.P.Libyan A.J., Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela decided to restrore their production to their pre-March 1999 levels, making their individual Member Country output levels as follows: (in tb/d), Algeria 788; Indonesia 1,280; Kuwait 1,980; SP Libyan AJ 1,323; Nigeria 2,033; Qatar 640; Saudi Arabia 8,023; United Arab Emirates 2,157; Venezuela 2,845. Total: 21,069.These nine Member Countries strongly emphasized their firm commitment to this agreement, effective from 1 April 2000, and each stressed its intention to ensure full compliance.
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<p align="center"><font size="5"
face="Verdana">&nbsp;</font><a
href="../../news.htm"><font
face="Verdana">Return to Announcements Page</font></a> </p>
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