Opec Fund meets in Abu Dhabi next week

<a href=www.menafn.com>MENA-FM.com - Khaleej Times - 05/06/2003

ABU DHABI - Ministers from member states of the Organisation of Petroleum Exporting Countries will hold the annual meeting of the Opec Fund in Abu Dhabi next week. "This will be the first time the Opec Fund meeting is hosted by the UAE and this region," a spokesman for the UAE ministry of finance and industry said.

Ministers from the UAE, Saudi Arabia, Qatar, Kuwait, Venezuela, Algeria, Libya, Indonesia, Iran and Nigeria will be present for the June 11 meeting, which will discuss, among other things, funding new projects. A representative from Iraq is likely to participate. With a capital of $3.435 billion, the Opec Fund granted 953 loans totaling $ 5.146 billion until the end of last year.

Meanwhile, a Qatari oil source said in Bahrain that Opec won't change its production level of 25.4 million barrels a day, which took effect June 1, when it meets next week in Qatar because Opec basket price is within its set range and Iraq situation is still unclear. "There's no point in changing production now... there's no talk about increasing or cutting production," he said. Opec is scheduled to hold an extraordinary meeting in Doha on June 11 to set its production policy and to review the situation in Iraq.