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OPEC: Full Text Of OPEC Communique
09/11/2000
VIENNA (OPECNA)--At the end of the 111th meeting of the conference of the Organization of Petroleum Exporting Countries, the following press release was issued Monday:
The 111th meeting of the conference of the Organization of the Petroleum Exporting Countries convened in Vienna, Austria, Sept. 10-11, 2000, under the chairmanship of its president, He Alm Rodriguez Araque, Minister of Energy & Mines of Venezuela and head of its delegation, and its alternate president, He Abdalla Salem el Badri, Secretary of the People's Committee of the National Oil Corporation of the Socialist People's Libyan Arab Jamahiriya and head of its delegation.
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.
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.
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. 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 Oct. 1, 2000, making individual member countries output levels as follows:
| Current Prod. | Increase | New Prod. Level |
| (b/d) | (b/d) | (b/d) |
| Algeria | 811,000 | 25,600 | 836,600 |
| Indonesia | 1,317,000 | 41,600 | 1,358,600 |
| I. R. Iran | 3,727,000 | 116,800 | 3,843,800 |
| Kuwait | 2,037,000 | 64,000 | 2,101,000 |
| Libya | 1,361,000 | 43,200 | 1,404,200 |
| Nigeria | 2,091,000 | 65,600 | 2,156,600 |
| Qatar | 658,000 | 20,800 | 678,800 |
| Saudi Arabia | 8,253,000 | 259,200 | 8,512,200 |
| UAE | 2,219,000 | 70,400 | 2,289,400 |
| Venezuela | 2,926,000 | 92,800 | 3,018,800 |
| Total OPEC-10 | 25,400,000 | 800,000 | 26,200,000 |
As was the case in June 2000, the conference has agreed on this further increase in production in recognition of the Organization's responsibility to contribute to market moderation and stability, and despite the fact that the level of supply to the market exceeds anticipated demand. In this connection, the conference emphasized that the confusion in the oil market is basically as a result of shortages in the products' 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.
The conference has agreed to meet again in Vienna, Austria, on Nov. 12, 2000, in order to review the situation.
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.
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.
The conference voiced its thanks to the Head of State and Government of Venezuela for the initiative taken to call for the summit of OPEC heads of state and government, which historic event Venezuela will be hosting in Caracas later this month.
The conference approved the budget of the organization for the year 2001.
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.
The conference passed resolutions which will be published on Oct. 11, 2000, after ratification by member countries.
The next ordinary meeting of the conference will be convened in Vienna, Austria, on Friday, March 16, 2001.
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