OPEC statement on raising oil production
VIENNA (AFX) - The OPEC oil cartel agreed Sunday to increase oil production by 1.5 mln barrels per day (bpd) in a bid to curb a surge in prices triggered by a strike in Venezuela and the threat of war in Iraq.
Here are excerpts from OPEC's statement after their 11 nations met at their headquarters in Vienna:
-- "The Conference (OPEC) reiterated its hope that a swift and peaceful resolution of the present situation in Venezuela could be found."
-- "Having reviewed the oil market situation, especially the demand/supply picture for the first quarter 2003, and in light of the impact of the supply shortfall on price volatility, the Conference decided to raise the OPEC-10 ceiling from 23 mln barrels per day (bpd) to 24.5 mpd, with effect from February 1, 2003, in order to ensure adequate supplies of crude oil to consumers and restore balanced market conditions.
In this regard, the Conference extends its support to Venezuela in its efforts to restore its market share. The adjusted ceiling will be reviewed at the next Ordinary Meeting of the Conference, which Ministers re-confirmed would take place on March 11, 2003."
-- The Conference remains determined to take whatever measures, as and when deemed necessary, to maintain oil price and market stability, and states that the market will be continuously and carefully monitored."