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

 




UN: “COVID-19 Is Not Over”, Tedros Warns World Health Assembly

The head of the World Health Organization (WHO) told global health Ministers on Sunday that although reported COVID-19 cases and deaths have declined significantly, it is not time to lower the guard... More>>



UN: Bachelet Calls On Mexico To Step Up Efforts As Tragic Milestone Reached Of More Than 100,000 Disappearances

UN High Commissioner for Human Rights Michelle Bachelet on Tuesday called on the Mexican authorities to step up efforts to ensure truth and justice for victims of disappearances, who now number more than 100,000, according to official data... More>>


ADC: Statement On The Assassination Of Shireen Abu Akleh

Early this morning in Jenin, Occupied Palestine, revered Palestinian voice Shireen Abu Akleh, a Palestinian American journalist for Al Jazeera, was assassinated by Israeli Occupation Forces snipers...
More>>





Access Now: Elon Musk’s Twitter Buyout Must Not Come At The Expense Of Human Rights

Following today’s announcement that Elon Musk will acquire complete ownership of Twitter in a cash sale of around 44 billion USD, pending shareholder approval, Access Now urges Twitter’s Board, employees, and shareholders... More>>



UN: Biodiversity And Ecosystem Protection Highlighted On Mother Earth Day

Marking International Mother Earth Day, UN General Assembly President Abdulla Shahid urged on Friday, for collective action to safeguard biodiversity and protect ecosystems... More>>

Ukraine: Hundreds More Reach Safety After Fleeing Besieged Mariupol
In Ukraine, humanitarians said on Wednesday that hundreds of people have managed to reach safety after fleeing Mariupol, where there’s also been condemnation for the killing of Lithuanian filmmaker Mantas Kvedaravicius... More>>