Opec oil ministers plan to discuss output flexibility with six rival exporting nations next week
Published:
17 March 2003 y., Monday
Opec oil ministers plan to discuss output flexibility with six rival exporting nations next week as part of contingency planning in the event of a halt in Iraqi supply, an Opec official said yesterday.
Oil prices hit 12-year highs last week near $40 per barrel on fears that any attack on Iraq will disrupt supplies from the Gulf.
Opec, which has recently lifted output to cover for a crippling three-month strike in Venezuela, would struggle to compensate for a total loss of Iraqi exports.
"Just in case Opec cannot compensate for a shortage in the event of war, these countries could do something," an official said.
Opec ministers will meet representatives from Russia, Norway, Mexico, Oman, Syria and Egypt on the morning of next Tuesday, ahead of a formal Opec meeting in Vienna later on the same day.
Many of these countries have participated in recent output restrictions with Opec, when oil prices were half current levels.
The International Energy Agency estimated last month that the world had 2.3 million barrels per day (bpd) of spare oil output capacity versus latest Iraqi output of 2.5m.
Nascent oil exporters Kazakhstan and Angola have not been invited to the talks.
Šaltinis:
herald.kz
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions.
more »
The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation.
more »
Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry.
more »
350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty.
more »
New plan sets out action to reach 75% employment target for the EU by 2020.
more »
Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures.
more »
Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced.
more »
Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation.
more »
The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis.
more »
A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint.
more »