Text of communique issued by OPEC

Jul 03, 2001 02:00 AM

The following is the text of the communique issued by OPEC following the 115th meeting of the ministerial conference:
The 116th (Extraordinary) Meeting of OPEC convened in Vienna, Austria, on 3 July 2001, under the chairmanship of its President, Dr. Chakib Khelil, Minister of Energy & Mines of Algeria and Head of its delegation.
Having reviewed the oil market situation and supply/demand expectations for the forthcoming period, the conference decided to maintain OPEC's present output levels unchanged, to maintain stability in the market and satisfy the needs of consumers. The conference emphasized that OPEC is committed to continuing to monitor the market and to taking any further measures, when deemed necessary, to maintain prices within the range of $ 22-$ 28/bbl.

The conference reiterated its call on other oil exporters to continue to co-operate with OPEC so as to minimize the price volatility and ensure stability. The conference confirmed the date of 26 September 2001 for its 117th (Ordinary) meeting.
Finally, 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 the for the meeting.

Source: Petroleumworld
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