World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Agreement of the OPEC Conference

No 17/2001
Vienna, Austria, July 25, 2001

Agreement of the OPEC Conference

Considering the impact of the slowing world economy on oil demand, and the relatively strong build-up of oil stocks, OPEC’s objectives are to ensure market stability, satisfy world demand and avoid oil price volatility, in the interest of both producers and consumers.

In order to achieve these objectives, OPEC has decided to reduce production by 1 million barrels per day (b/d), effective from 1 September 2001, with an open option to hold an Extraordinary Meeting soon if the market warrants it.

According to this decision, individual Member Country output levels are as follows:

Country Decrease (b/d) New Production Level (b/d)
Algeria 32,000 741,000
Indonesia 52,000 1,203,000
IR Iran 146,000 3,406,000
Kuwait 80,000 1,861,000
SP Libyan AJ 54,000 1,242,000
Nigeria 82,000 1,911,000
Qatar 26,000 601,000
Saudi Arabia 324,000 7,541,000
UAE 88,000 2,025,000
Venezuela 116,000 2,670,000
Total 1,000,000 23,201,000

In taking this step, the Members of the Organization of the Petroleum Exporting Countries voiced confidence that their action would be matched by similar steps from non-OPEC oil producing/exporting countries whose interests are, likewise, best-served through market stability.

Finally, the Organization takes this opportunity to recognize and express appreciation of the support being extended to OPEC by the Government of Mexico.

ENDS

© Scoop Media

 
 
 
World Headlines

 

New IPCC Report: ‘Unprecedented Changes’ Needed To Limit Global Warming

Limiting global warming to 1.5°C will require “far-reaching and unprecedented changes,” such as ditching coal for electricity to slash carbon emissions, says a special report that finds some of the actions needed are already under way, but the world must move faster… More>>

ALSO:

Jamal Khashoggi: UK, France, Germany Join Calls For Credible Investigation

Germany, the United Kingdom and France share the grave concern expressed by others including HRVP Mogherini and UNSG Guterres, and are treating this incident with the utmost seriousness. More>>

ALSO:

MSF Not Wanted: Nauru Government Shows Continued Callousness

The Nauruan Government’s decision to ask Doctors Without Borders to immediately leave shows continued callousness towards asylum seekers desperately seeking a safe place to call home, Green MP Golriz Ghahraman said today. More>>

ALSO:

Sulawesi Quake, Tsunami: Aid Response Begins

Oxfam and its local partners are standing by to deploy emergency staff and resources to the Indonesian island of Sulawesi, as an estimated 1.5 million people are thought to be affected by the massive earthquake and tsunami that hit on Friday. More>>

ALSO:

Decriminalising Same-Sex Relationships: UN Rights Chief Applauds Indian Decision

“This is a great day for India and for all those who believe in the universality of human rights," Bachelet said. "With this landmark decision, the Indian Supreme Court has taken a big step forward for freedom and equality...” More>>

ALSO: