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
On 11 February, heads of state or government of European Union member states will meet in Brussels to seek a commitment towards implementing a revitalised economic strategy to boost employment and growth in the EU.
more »
International Monetary Fund forecasts that Lithuania’s economy will grow 1.6 % this year, making it “the only one of the three Baltic economies expected to be in the positive territory in 2010”.
more »
Raynair announced it would open its 40th and 1st Central European base at Kaunas, Lithuania’s second largest city, in May with 2 based aircraft and 18 routes.
more »
A new Partnership Strategy for Morocco has been approved by the Board of Executive Directors of the World Bank.
more »
The electric car is an opportunity for European industry.
more »
The EBRD’s Board of Directors has adopted a new strategy for Kazakhstan, which reinforces the Bank’s commitment to further support the Kazakh economy and sets out the priorities for its activities in the country over the next three years.
more »
The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB).
more »
At the informal meeting of the Ministers of Competitiveness (Science and Industry), to be held between 7 and 9 February in San Sebastian, the issues on the table will include placing science at the top of the EU agenda and showcasing its role in economic recovery, as well taking the debate on the electric vehicle to EU level.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 27-month Stand-By Arrangement with Jamaica in the amount of SDR 820.5 million (about US$1.27 billion) to support the country’s economic reforms and help it cope with the consequences of the global downturn.
more »
Mr. Nadeem Ilahi, chief of an International Monetary Fund (IMF) staff mission to the Kyrgyz Republic, issued the following statement today in Bishkek.
more »