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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">
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<div class=Section1>
<p class=MsoNormal style='tab-stops:42.0pt 290.6pt'><b style='mso-bidi-font-weight:
normal'><span lang=EN-GB style='font-family:Arial;mso-bidi-font-family:"Times New Roman"'>No.
10/2000<span style='mso-tab-count:1'>              </span>For immediate
release<o:p></o:p></span></b></p>
<p class=pagenumber style='tab-stops:42.0pt 290.6pt'><b style='mso-bidi-font-weight:
normal'><span style='font-family:Arial;mso-bidi-font-family:"Times New Roman"'>Vienna,
Austria<span style='mso-tab-count:1'> </span><span style="mso-spacerun:
yes">     </span>11 September 2000<o:p></o:p></span></b></p>
<p class=MsoBodyText style='margin-right:1.35pt;tab-stops:28.35pt 63.8pt'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyText style='margin-right:1.35pt;tab-stops:28.35pt 63.8pt'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center;
line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>111<sup>th</sup> Meeting of the OPEC Conference<o:p></o:p></span></b></p>
<p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center;
line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Vienna, Austria<o:p></o:p></span></b></p>
<p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center;
line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>10-11 September 2000<o:p></o:p></span></b></p>
<p class=MsoBodyText align=center style='margin-right:1.4pt;text-align:center;
line-height:150%;tab-stops:28.35pt 63.8pt'><b style='mso-bidi-font-weight:normal'><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></b></p>
<p class=MsoBodyText3 style='line-height:normal'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>               </span>The 111th
Meeting of the Conference of the Organization of the Petroleum Exporting
Countries (OPEC) convened in Vienna, Austria, on 10-11 September
2000, under the Chairmanship of its President, HE Alí Rodríguez
Araque, Minister of Energy &amp; Mines of Venezuela and Head of
its Delegation, and its Alternate President, HE Abdalla Salem El
Badri, Secretary of the People&#146;s Committee of the National
Oil Corporation of the Socialist People&#146;s Libyan Arab Jamahiriya
and Head of its Delegation.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
warmly welcomed high-level representatives from Mexico, the Sultanate
of Oman and the Russian Federation, non-OPEC oil-exporting countries
whose continued co-operation is appreciated by the Organization.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
considered the Secretary General's report, the report of the Economic
Commission Board, the report of the Ministerial Monitoring Sub-Committee
(MMSC), chaired by HE Bijan Namdar Zangeneh, Minister of Petroleum
of the Islamic Republic of Iran, and various administrative matters.<o:p></o:p></span></p>
<p class=MsoBodyTextIndent><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:
10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'>The Conference
examined supply/demand projections for the coming period and carefully
reviewed the market developments since its 110th (Extraordinary)
Meeting in June when the Organization further increased overall
supply to the market.<span
style="mso-spacerun: yes">  </span>Taking into consideration the situation prevailing
in the market and in light of the fact that crude prices are at
levels which are giving rise for concern in consuming countries,
the Conference has agreed to further increase overall production
by 800,000 b/d, applicable from 1st October 2000, making individual
Member Countries' output levels as follows (in b/d):<o:p></o:p></span></p>
<p class=MsoNormal style='tab-stops:106.35pt 212.65pt 311.85pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><span style='mso-tab-count:1'>                       
</span><b
style='mso-bidi-font-weight:normal'><u>Current Prod</u>.<span style='mso-tab-count:
1'>              </span> <u>Increase</u><span style='mso-tab-count:1'>                       
</span><u>New Prod. Level</u><o:p></o:p></b></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Algeria<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">     </span>811,000<span style='mso-tab-count:1'>          
</span><span
style="mso-spacerun: yes">   </span>25,600<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">     </span>836,600<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Indonesia<span style='mso-tab-count:
1'>        </span><span style="mso-spacerun: yes">  </span>1,317,000<span
style='mso-tab-count:1'>        </span><span style="mso-spacerun: yes">   </span>41,600<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>1,358,600<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>I.R. Iran <span style='mso-tab-count:
1'>          </span><span style="mso-spacerun: yes">  </span>3,727,000<span
style='mso-tab-count:1'>        </span> 116,800<span style='mso-tab-count:1'>          
</span><span
style="mso-spacerun: yes">  </span>3,843,800<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Kuwait <span style='mso-tab-count:1'>           
</span><span
style="mso-spacerun: yes">  </span>2,037,000<span style='mso-tab-count:1'>       
</span><span
style="mso-spacerun: yes">   </span>64,000<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>2,101,000<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Libya <span style='mso-tab-count:1'>             
</span><span
style="mso-spacerun: yes">  </span>1,361,000<span style='mso-tab-count:1'>       
</span><span
style="mso-spacerun: yes">   </span>43,200<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>1,404,200<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Nigeria <span style='mso-tab-count:
1'>            </span><span style="mso-spacerun: yes">  </span>2,091,000<span
style='mso-tab-count:1'>        </span><span style="mso-spacerun: yes">   </span>65,600<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>2,156,600<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Qatar <span style='mso-tab-count:1'>             
</span><span
style="mso-spacerun: yes">     </span>658,000<span style='mso-tab-count:1'>          
</span><span
style="mso-spacerun: yes">   </span>20,800<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">     </span>678,800<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Saudi Arabia<span style='mso-tab-count:
1'>   </span><span style="mso-spacerun: yes">  </span>8,253,000<span
style='mso-tab-count:1'>        </span><span style="mso-spacerun: yes">  </span>259,200<span style='mso-tab-count:1'>          
</span><span
style="mso-spacerun: yes">  </span>8,512,200<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>UAE<span style='mso-tab-count:1'>                
</span><span
style="mso-spacerun: yes">  </span>2,219,000<span style='mso-tab-count:1'>       
</span><span
style="mso-spacerun: yes">   </span>70,400<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>2,289,400<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify;tab-stops:106.35pt 212.65pt 326.05pt 340.2pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Venezuela<span style='mso-tab-count:
1'>       </span><span style="mso-spacerun: yes">  </span>2,926,000<span
style='mso-tab-count:1'>        </span><span style="mso-spacerun: yes">   </span>92,800<span style='mso-tab-count:1'>            
</span><span
style="mso-spacerun: yes">  </span>3,018,800<o:p></o:p></span></p>
<h3 style='text-indent:0pt'><b style='mso-bidi-font-weight:normal'><u><span
lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'>Total OPEC-10<span style='mso-tab-count:
1'>            </span>25,400,000<span style='mso-tab-count:1'>  </span> <span
style='mso-tab-count:1'>            </span>800,000<span style='mso-tab-count:
2'>                    </span> 26,200,000<o:p></o:p></span></u></b></h3>
<p class=MsoNormal style='text-align:justify;tab-stops:35.45pt'><span
lang=EN-AU style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman";mso-ansi-language:EN-AU;layout-grid-mode:
line'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyTextIndent style='text-indent:0pt'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>As was the
case in June 2000, the Conference has agreed on this further increase
in production in recognition of the Organization&#146;s responsibility
to contribute to market moderation and stability and despite the
fact that the level of supply to the market exceeds anticipated
demand.<span style="mso-spacerun: yes">  </span>In this connection
the Conference emphasized that the confusion in the oil market is
basically as a result of shortages in the products&#146; markets
caused by bottlenecks in the refining industry, speculation in the
futures market, manipulation of the Brent market due to the dwindling
volumes of this crude and widening differentials between light,
sweet and heavy, sour crudes. <o:p></o:p></span></p>
<p class=MsoBodyTextIndent style='text-indent:0pt'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyTextIndent style='text-indent:0pt'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
has agreed to meet again in Vienna, Austria, on 12 November 2000,
in order to review the situation.<o:p></o:p></span></p>
<p class=MsoBodyTextIndent style='text-indent:0pt'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyTextIndent><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:
10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'>Whilst the Conference
expressed its dismay that the governments of the European Union
nations fail to recognize the role which their excessive domestic
taxation of petroleum products plays in the high pump prices being
paid by consumers, and stressed that only 16% of the revenue from
a barrel of refined oil in Europe goes to oil exporters, the remaining
84% comprising taxation and the take of refiners and marketers,
the Organization welcomes the opening of dialogue with the European
Union and other consuming nations, considering a continuous exchange
of views on the oil market situation to be in the interests of both
producers and consumers.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
appointed Mr. Abdulla H. Salatt, Governor for Qatar, as Chairman
of the Board of Governors for the year 2001, and Mr. Suleiman J.
Al-Herbish, Governor for Saudi Arabia, as Alternate Chairman for
the same period.<o:p></o:p></span></p>
<p class=MsoBodyText2><i style='mso-bidi-font-style:normal'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></i></p>
<p class=MsoBodyText2 style='text-indent:36.0pt'><i style='mso-bidi-font-style:
normal'><span lang=EN-GB style='font-size:12.0pt;mso-bidi-font-size:10.0pt;
font-family:Arial;mso-bidi-font-family:"Times New Roman"'>The Conference voiced
its thanks to the Head of State and Government of Venezuela for
the initiative taken to call for the II Summit of OPEC Heads of
State and Government, which historic event Venezuela will be hosting
in Caracas later this month.<o:p></o:p></span></i></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
approved the Budget of the Organization for the year 2001.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>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.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The Conference
passed Resolutions which will be published on 11 October 2000, after
ratification by Member Countries.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><span style='mso-tab-count:1'>            </span>The next Ordinary
Meeting of the Conference will be convened in Vienna, Austria, on
Friday, 16 March 2001.<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;mso-bidi-font-family:
"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyText style='margin-right:1.35pt;tab-stops:28.35pt 63.8pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyText style='margin-right:1.35pt;tab-stops:28.35pt 63.8pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
mso-bidi-font-family:"Times New Roman"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>
<p class=MsoBodyText align=center style='margin-right:1.35pt;text-align:center;
tab-stops:28.35pt 63.8pt'><span lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:
10.0pt;font-family:Arial;mso-bidi-font-family:"Times New Roman"'>*<span
style="mso-spacerun: yes">     </span>*<span style="mso-spacerun: yes">     </span>*<o:p></o:p></span></p>
<p class=MsoBodyText style='margin-right:1.35pt;tab-stops:28.35pt 63.8pt'><span
lang=EN-GB style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:Arial;
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