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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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| <div><font face="Times New Roman, Times, serif">No. 6/2000<br> | |
| Vienna, Austria, 21 June 2000<br> | |
| <br> | |
| </font><font face="Arial, Helvetica, sans-serif" size="-1"> | |
| <center> | |
| <font face="Times New Roman, Times, serif"><b><font size="4">110th (Extraordinary) Meeting of the | |
| OPEC Conference</font></b><br> | |
| <font size="3">Vienna, Austria, | |
| 21 June 2000</font></font> | |
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| <br> | |
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| <br> | |
| The 110th (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 21 June 2000, under the Chairmanship of its President, HE Alí Rodríguez Araque, Minister of Energy & Mines of Venezuela and Head of its Delegation, and the Alternate President, HE Abdalla Salem El Badri, Secretary of the People's Committee of the National Oil Corporation of the Socialist People's Libyan Arab Jamahiriya and Head of its Delegation.<br> | |
| <br> | |
| The Conference carefully reviewed market developments since its 109th Meeting in March 2000 when the Organization increased its overall supply to the market with a view to restoring crude oil prices to more moderate levels. Taking into consideration the situation currently prevailing in the market, however, and in order to respond to consumer concern over price levels and the Organization's own wish to moderate prices, the Conference has agreed on a further increase in overall production, applicable from 1 July 2000, making individual Member Countries' output levels as follows:</div> | |
| <blockquote> | |
| <table width="481" border="1" cellspacing="0" cellpadding="0" height="237"> | |
| <tr> | |
| <td width="184"><b>Production</b></td> | |
| <td width="206"> | |
| <div align="center"><i>thousand b/d</i></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Algeria</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">811</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Indonesia</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">1,317 | |
| </font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Islamic Republic of Iran</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">3,727 | |
| </font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Kuwait</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">2,037</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">S.P. Libyan A.J.</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">1,361</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Nigeria</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">2,091</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Qatar</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">658 | |
| </font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184" height="23"><font face="Arial, Helvetica, sans-serif" size="-1">Saudi Arabia</font></td> | |
| <td width="206" height="23"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">8,253</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">United Arab Emirates</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">2,219</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1">Venezuela</font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1">2,926</font></div> | |
| </td> | |
| </tr> | |
| <tr> | |
| <td width="184"><font face="Arial, Helvetica, sans-serif" size="-1"><b>Total OPEC-10</b></font></td> | |
| <td width="206"> | |
| <div align="center"><font face="Arial, Helvetica, sans-serif" size="-1"><b>25,400</b></font></div> | |
| </td> | |
| </tr> | |
| </table> | |
| </blockquote> | |
| <p> | |
| <font face="Arial, Helvetica, sans-serif" size="-1">Whilst this step is being taken by the Organization in recognition of its responsibility to contribute to market moderation and stability, it is also being taken in the hope that it will meet with an appropriate response from consuming countries, especially those in Western Europe whose excessive domestic taxation of petroleum products, amounting to as much as 70% of the price to the final consumer, is the major cause of the high pump prices being paid. | |
| </font> | |
| </p> | |
| <p> | |
| <font face="Arial, Helvetica, sans-serif" size="-1"> | |
| Further, the Conference stressed that the current high level of crude prices was not due solely to market fundamentals, crude oil stock levels remaining adequate, but was also the consequence of market speculation, whilst higher product prices were, in part, the result of new environmental regulations applicable in the USA where the legislative introduction of reformulated gasoline has resulted in supply bottlenecks for consumers. | |
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| <font face="Arial, Helvetica, sans-serif" size="-1"> | |
| The Conference also takes this opportunity to reiterate its thanks to those non-OPEC oil producing nations which have co-operated with the Organization in its endeavours to bring about market stability.</font> | |
| </p> | |
| <p> | |
| <font face="Arial, Helvetica, sans-serif" size="-1">The Conference expressed its appreciation to the Government of the Federal Republic of Austria and the authorities of the City of Vienna for their warm hospitality and the excellent arrangements made for the Meeting.</font> | |
| </p> | |
| <p> | |
| <font face="Arial, Helvetica, sans-serif" size="-1"> | |
| The Conference reiterated that its next Ordinary Meeting will convene in Vienna, Austria, on Sunday, 10 September 2000. | |
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| <p align="center"><font size="5" | |
| face="Verdana"> </font><a | |
| href="../../news.htm"><font | |
| face="Verdana">Return to Announcements Page</font></a> </p> | |
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