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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>
<p align="center">&nbsp;</p>
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<blockquote><!-- #BeginEditable "contents" -->No. 7/2000
<p>&nbsp;</p>
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<p align="center"><b><font size="4">OPEC Secretariat Issues Statement on Production</font></b><br>
</p>
<p align="left">Vienna, Austria, 17 July 2000 (OPECNA) -- The OPEC secretariat today issued the following statement:</p>
<p align="left">In accordance with the provisions of the agreement signed on the occasion of the 110th (Extraordinary) Meeting of the OPEC Conference, whereby production would be raised by 500,000 b/d if the average price of the OPEC Reference Basket of crudes remained above a certain level for a specified period of time, HE Dr. Alí Rodríguez Araque, Minister of Energy & Mines of Venezuela and current President of the OPEC Conference, has notified his colleagues, fellow OPEC Oil Ministers that, in the event of prices remaining at current levels, they should be prepared to take the necessary steps to raise output. Other things being equal, it is expected that this will happen before the end of the current month. Production levels of OPEC Member Countries, parties to the agreement, would thereafter be as follows:</p>
<table width="575" border="1" cellspacing="0" cellpadding="0">
<tr>
<td>
<div align="center"><b>Member Country</b></div>
</td>
<td>
<div align="center"><b>Current Production</b></div>
</td>
<td>
<div align="center"><b>Increase (b/d)</b></div>
</td>
<td>
<div align="center"><b>New Output Level</b></div>
</td>
</tr>
<tr>
<td>Algeria</td>
<td>
<div align="right">811,000</div>
</td>
<td>
<div align="right">16,000</div>
</td>
<td>
<div align="right">827,000</div>
</td>
</tr>
<tr>
<td>Indonesia</td>
<td>
<div align="right">1,317,000</div>
</td>
<td>
<div align="right">26,000</div>
</td>
<td>
<div align="right">1,343,000</div>
</td>
</tr>
<tr>
<td>I.R. Iran </td>
<td>
<div align="right">3,727,000</div>
</td>
<td>
<div align="right">73,000</div>
</td>
<td>
<div align="right">3,800,000</div>
</td>
</tr>
<tr>
<td>Kuwait</td>
<td>
<div align="right">2,037,000</div>
</td>
<td>
<div align="right">40,000</div>
</td>
<td>
<div align="right">2,077,000</div>
</td>
</tr>
<tr>
<td>Libya </td>
<td>
<div align="right">1,361,000</div>
</td>
<td>
<div align="right">27,000</div>
</td>
<td>
<div align="right">1,388,000</div>
</td>
</tr>
<tr>
<td>Nigeria </td>
<td>
<div align="right">2,091,000</div>
</td>
<td>
<div align="right">41,000</div>
</td>
<td>
<div align="right">2,132,000</div>
</td>
</tr>
<tr>
<td>Qatar </td>
<td>
<div align="right">658,000</div>
</td>
<td>
<div align="right">13,000</div>
</td>
<td>
<div align="right">671,000</div>
</td>
</tr>
<tr>
<td>Saudi Arabia</td>
<td>
<div align="right">8,253,000</div>
</td>
<td>
<div align="right">162,000</div>
</td>
<td>
<div align="right">8,415,000</div>
</td>
</tr>
<tr>
<td>UAE</td>
<td>
<div align="right">2,219,000 </div>
</td>
<td>
<div align="right">44,000</div>
</td>
<td>
<div align="right">2,263,000</div>
</td>
</tr>
<tr>
<td>Venezuela</td>
<td>
<div align="right">2,926,000</div>
</td>
<td>
<div align="right">58,000</div>
</td>
<td>
<div align="right">2,984,000</div>
</td>
</tr>
<tr>
<td><b>Total</b></td>
<td>
<div align="right"><b>25,400,000</b></div>
</td>
<td>
<div align="right"><b>500,000</b></div>
</td>
<td>
<div align="right"><b>25,900,000</b></div>
</td>
</tr>
</table>
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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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