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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

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