Three More Releases From The OPEC Summit

OPEC countries to study possibility of creating a bank - José Vicente Rangel

Caracas, 27 September 2000 (Press Office of the II OPEC Summit).

The creation of an OPEC bank will be studied by the countries belonging to the Organization presently gathered in Carcas for the II Summit of the Sovereigns, Heads of State and Government of the OPEC Member Countries.

Venezuela's Foreign Relations Minister José Vicente Rangel, said that there is a possibility that this proposal could be included in the Caracas Declaration, the final document of the II OPEC Summit.

"The Document (the Caracas Declaration) is being revised, and its contents will become known this Thursday, when the Summit closes.

The Venezuelan Minister said that there was a possibility that Venezuelan President Hugo Chávez Frías would fly to Riyadh, the Saudi Arabian capital, at the beginning of next year, in response to an invitation made this Wednesday by Crown Prince Abdullah bin Abdulaziz Al-Saud.

Minister Rangel also commented on the interest shown by France regarding the development of II OPEC Summit, and in this sense indicated the possibility of a future meeting between the EEC countries and the member nations of the Organization. "This morning, French Prime Minister Lionel Jospin spoke with President Hugo Chávez regarding a meeting."

The Foreign Minister ended by saying that the II OPEC Summit, currently taking place in Caracas, goes beyond the oil approach; it's oil and something more, in terms of the political, diplomatic, economic and cultural projection.

OPEC members should not be 'preoccupied' with U.S. action releasing strategic reserves -Nigerian President Obasanjo

Caracas, September 27, 2000 (Press Office of the II OPEC Summit)

The President of the Republic of Nigeria, Olusegun Obasanjo, attending the II OPEC Summit, today urged members of OPEC not to be preoccupied with the U.S. release of 30 million barrels from its Strategic Petroleum Reserve, because this amount of oil could be replaced in a short time.

Meeting with Venezuelan President Hugo Chávez, President Obasanjo reported that a high-level delegation from Nigeria will remain in Venezuela following the Summit to meet with their Venezuelan counterparts on themes of interest to both nations. Later, a Venezuelan delegation will visit Nigeria to continue these talks.

Oil prices are climbing again despite U.S. strategic reserve release - OPEC President Alí Rodríguez

Caracas, September 27, 2000 (Press Office of the II OPEC Summit)

The President of OPEC and Minister of Energy and Mines of Venezuela, Alí Rodríguez Araque, said today that notwithstanding the U.S. Government decision to release 30 million barrels of crude oil from its Strategic Reserve, the price of crude has begun to increase again. Minister Rodríguez made the remark in a speech to a special session of the National Assembly of Venezuela in connection with the II OPEC Summit in Caracas.

He proposed that producing and consuming countries work together to resolve the problems caused by market volatility. "We want an understanding of this when we hold the next OPEC Ministerial Meeting in November in Riyadh, Saudi Arabia."

He said that only when equilibrium is reached in the market, as OPEC has proposed insistently, would there be price stablization and a minimization of high levels of speculation.

Another factor influencing the rise in oil prices, he said, is that 41 percent of the world's oil transport fleet is becoming obsolete. At the same time, new environmental rules, among other regulations, are requiring double-bottomed tankers, and construction of these vessels is contributing to increases in the costs of crude oil and petroleum products.

Rodríguez also announced that the Caracas Declaration, the official document of the Summit, would be signed by the Heads of State on Thursday morning, September 28.

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