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OPEC says increased output to address spiraling demand

Isfahan, March 16, IRNA-OPEC decided to increase the production ceiling to 27.5 mb/d, effective immediately, in view of the expectation of another year of strong global oil demand.

photo: ISNA

In a statement in conclusion of its Wednesday meeting in Isfahan, Iran, OPEC said it had also raised the ceiling to ensure comfortable levels of stocks in the second half as well as halt to and reverse in the price escalation.

The statement said the Conference further authorized its president, after consultations with fellow heads of delegation, to announce an additional 500,000 bpd increase in the ceiling, until its next Meeting, should oil prices remain at current levels or continue to further rise.

photo: ISNA

In taking this decision, the Conference once again confirmed the Organization's commitment to maintaining stability and ensuring that global markets remain adequately supplied at all times, read the statement.

It said that to that end, member countries have already accelerated existing capacity expansion plans and are making timely investments to expand capacity in the longer term.

Moreover, the statement said, this decision is a reaffirmation of OPEC's commitment to ensuring adequate supplies consistent with robust economic growth, in particular in the emerging economies of the developing world.

photo: ISNA

The statement continued that the Conference also agreed to continue to closely monitor market developments and to take appropriate and prompt action, as and when the need arises.

It said with this in mind, the Conference decided to convene an Extraordinary Meeting at Headquarters, Vienna, on Tuesday, June 7, 2005.

OPEC said in the statement that its Conference approved the recommendation from the Board of Governors and th Economic Commission Board to change the composition of crudes, to a composition of eleven crude streams representing the main export crudes of all member countries, weighted according to production and exports to the main markets.

The Secretariat is to calculate the new proposed Basket on a trial, daily basis, in parallel with the current ORB, reporting back on the results to the next Meeting of the Conference, in light of which the Conference shall announce the effective date of implementation, added the statement.

It said the Conference passed Resolutions that will be published on April 17, 2005, after ratification by member countries.

The Conference, it added, decided that its next Ordinary Meeting will be convened in Vienna, Austria, on September 19, 2005.

The Conference expressed its appreciation to Iran's President Mohammad Khatami, Iranian government and people as well as officials in Isfahan for hosting the meeting and for warm hospitality.

... Payvand News - 3/16/05 ... --

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