OPEC to reduce production effective from September 1

Jul 25, 2001 02:00 AM

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 mm bpd, effective from Sep. 1, 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:

Decrease - New production level (in bpd)

Algeria 32,000 - 741,000
Indonesia 52,000 - 1,203,000
Iran 146,000 - 3,406,000
Kuwait 80,000 - 1,861,000
Libya 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 OPEC 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 took the opportunity to recognize and express appreciation of support being extended to OPEC by the government of Mexico.

Source: Petroleumworld
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