123rd (Extraordinary) Meeting of the OPEC Conf.

www.scoop.co.nz Wednesday, 15 January 2003, 12:55 pm Press Release: OPEC

No 2/2003 Vienna, Austria, January 12, 2003

123rd (Extraordinary) Meeting of the OPEC Conference

The 123rd (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on 12 January 2003, under the Chairmanship of its President, HE Abdullah bin Hamad Al Attiyah, Minister of Energy and Industry of Qatar and Head of its Delegation.

The Conference reiterated its hope that a swift and peaceful resolution of the present situation in Venezuela could be found, in both the interests of the people and Government of the Country.

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 mb/d to 24.5 mb/d, with effect from 1 February 2003, in order to ensure adequate supplies of crude 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 11 March 2003. Member Countries affirmed their commitment to the new productionlevel and their intention to ensure that prices remain within limits deemed acceptable to both producers and consumers.

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.

The Conference repeated its standing call on other oil producers and exporters to continue to co-operate with OPEC for the enduring well-being of the market and the benefit of both producers and consumers.

The Conference expressed its appreciation to the Government of the Federal Republic of Austria and the authorities of the City of Vienna for their warm hospitality and the excellent arrangements made for the Meeting.

Member Countries Current quotas (b/d) Increase (b/d) *Proposed Quotas Distribution (b/d)

Algeria 735,000 48,000 782,000 Indonesia 1,192,000 78,000 1,270,000 Iran 3,377,000 220,000 3,597,000 Kuwait 1,845,000 120,000 1,966,000 Libya 1,232,000 80,000 1,312,000 Nigeria 1,894,000 124,000 2,018,000 Qatar 596,000 39,000 635,000 S. Arabia 7,476,000 488,000 7,963,000

UAE 2,007,000 131,000 2,138,000 Venezuela 2,647,000 173,000 2,819,000 Total 23,000,000 1,500,000 24,500,000

*The new quotas are effective 1st February 2003

No 1/2003 Vienna, Austria January 12, 2003

Resolutions of the 122nd (Extraordinary) Meeting of the OPEC Conference

The 122nd (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries, held in Vienna, Austria, on December 12, 2002, adopted the following Resolutions, which, in accordance with customary procedures, have been ratified by the MemberCountries and are issued herewith:

Resolution No 122.398

The Conference,

upon the recommendation of the Board of Governors,

in accordance with Article 38 of the Statute and the Financial Regulations,

approves,

1. The Budget for the year 2003, totalling €17,599,805, of which an amount of €1,099,805 is to be financed by a transfer from the Reserve Fund Account, with the balance being contributed by the Member Countries.

2. That the contribution payable by each Member Country shall be €1,500,000 payable in one instalment not later than March 31, 2003.

Resolution No 122.399

The Conference,

upon the recommendation of the Board of Governors,

approves,

the appointment of TPA Control Wirtschaftsprüfung GmbH to act as auditors for the financial year 2002 and to submit a report thereon.

Done in Vienna this 12th Day of December 2002.

Head of the Delegation of Algeria Dr Chakib Khelil Head of the Delegation of Indonesia Dr Purnomo Yusgiantoro Head of the Delegation of the Islamic Republic of Iran Bijan Namdar Zangeneh Head of the Delegation of Iraq Dr Amer Mohammed Rasheed Head of the Delegation of Kuwait Ahmad F. Al-Ahmad Al-Sabah Head of the Delegation of the Socialist Peoples Libyan Arab Jamahiriya Dr Abdulhafid Mahmoud Zlitni Head of the Delegation of Nigeria Dr Rilwanu Lukman Head of the Delegation of Qatar Abdullah Bin Hamad Al-Attiyah Head of the Delegation of Saudi Arabia Ali I. Naimi Head of the Delegation of the United Arab Emirates Obaid Bin Saif Al-Nasseri Head of the Delegation of Venezuela Gustavo Márquez Marín