www.irna.com

OPEC weekly basket price up to 32.72 dollars

Vienna, March 17, IRNA -The price of OPEC's basket of seven crudes up to 32.72 dollars a barrel last week, compared with 32.24 dollars in
the First week of March.
According to figures released by the OPEC Secretariat here today, the price of the basket so far this year (up to 13 March) has averaged 31.25 dollars a barrel.
For the month of February, the basket price averaged 31.54 dollars a barrel, as opposed to 30.34 dollars in January, and 28.39 dollars in December of 2002.
For the fourth quarter of last year, the basket price averaged
26.83 dollars a barrel, as against 26.09 dollars in the third quarter. The price of the basket in 2002 averaged 24.36 dollars a barrel,
compared with 23.12 dollars the previous year.
The OPEC basket comprises Algeria's Saharan Blend, Indonesia's
Minas, Nigeria's Bonny Light, Saudi Arabia's Arabian Light, Dubai of
the United Arab Emirates, Venezuela's Tia Juana, and Mexico's Isthmus crude.
MN/HM
End

OPEC daily basket price down to 30.98 dollars

Vienna, Mar 17, IRNA -The price of the OPEC Basket of seven crudes
stood at 30.98 dollars a barrel on Friday, compared with 32.42
dollars the previous day, according to OPEC Secretariat calculations
here, Monday.
The basket price in the last 30 working days in Dlrs:
Fri 31 January 30.71
Mon 03 February 30.29
Tue 04 February 29.98
Wed 05 February 30.52
Thu 06 February 30.77
Fri 07 February 31.25
Mon 10 February 31.38
Tue 11 February 31.35
Wed 12 February 31.30
Thu 13 February 31.91
Fri 14 February 32.33
Mon 17 February 31.90
Tue 18 February 31.85
Wed 19 February 31.95
Thu 20 February 31.48
Fri 21 February 31.84
Mon 24 February 32.44
Tue 25 February 32.73
Wed 26 February 32.49
Thu 27 February 32.48
Fri 28 February 32.63
Mon 03 March 31.63
Tue 04 March 32.12
Wed 05 March 32.29
Thu 06 March 32.50
Fri 07 March 33.79
Mon 10 March 33.11
Tue 11 March 32.54
Wed 12 March 32.74
Thu 13 March 32.42
For the first quarter of 2002, the basket price averaged Dlrs
19.83 a barrel as opposed to Dlrs 18.38 in the 4th quarter of 2001.
For 2001 as a whole, the price of the basket averaged Dlrs
23.12 a barrel, compared with Dlrs 27.60 in 2000, Dlrs 17.47 in 1999
and Dlrs 12.28 in 1998.
The OPEC basket comprises Algeria's Saharan Blend, Indonesia's
Minas, Nigeria's Bonny Light, Saudi Arabian Light, Dubai of the United Arab Emirates, Venezuela's Tia Juana and Mexico's Istmus Crude.
MN/HM
End

www.gulf-daily-news.com CARACAS:

Venezuela is currently producing more than three million barrels of crude a day and is willing to increase output in case of a war with Iraq, Energy Minister Rafael Ramirez said yesterday.

The Venezuelan oil industry had all but collapsed during a two-month strike that ended on February 2, causing severe concerns on international oil markets ahead of a possible war with Iraq.

"We are back at more than three million (barrels per day)," Ramirez told state-run VTV television.

"We have maintained our production capacity of 3.4m barrels per day intact. This is something that is available," he said.

The minister said that Venezuela would abide by any decision by the Organisation of Petroleum Exporting Countries to increase output if war breaks out in Iraq.

pennlive.com The Associated Press 3/15/03 8:10 PM

CARACAS, Venezuela (AP) -- Venezuela's crude oil production has surpassed 3 million barrels a day -- approaching levels that made it the world's fifth-largest exporter before a crippling national strike, the state oil monopoly's president said Saturday.

But government officials say work still needs to be done before the industry fully recovers from the failed two-month walkout aimed at forcing President Hugo Chavez to resign or call early elections.

The strike, which ended last month, was strongest in the oil industry, the source of half of government revenues and 80 percent of export earnings.

"The task now that we have reached that level is to maintain and stabilize production," said Ali Rodriguez, president of Petroleos de Venezuela S.A.

Oil executives fired for participating in the strike dispute the government figures, saying daily production is at 2.1 million barrels.

Before the strike, the South American country was a main exporter to the United States, producing 3.2 million barrels a day. Oil production dropped to 200,000 barrels a day at the height of the walkout, costing the country $6 billion. Several refineries also were damaged by being shut down for so long.

Energy and Mines Minister Rafael Ramirez said Friday that Venezuela reached an agreement with the Organization of Petroleum Exporting Countries allowing it to produce above its crude oil output quota of 2.8 million barrels a day to make up for the lost revenue. Venezuela is an OPEC member.

www.wavy.com Saturday,March15,2003,8:43 PM

Caracas, Venezuela-AP -- Venezuela's state oil monopoly says its crude oil production has topped three (m) million barrels a day. That's the same level that occurred before a crippling national strike.

Oil executives fired for participating in the strike dispute the government figures, saying daily production is at two-point-one (m) million barrels.

Government officials admit work still needs to be done before the industry fully recovers.

The two-month walkout was meant to force President Hugo Chavez to resign or call early elections.

Before the dispute, Venezuela had been the world's fifth-largest oil exporter.

www.menafn.com AP Online - Friday, March 14, 2003

CARACAS, Venezuela (AP) - Venezuela plans to produce above its OPEC crude oil output quota to make up for lost revenue during a two-month strike, the oil minister said Friday.

Rafael Ramirez wouldn't say how much Venezuela would pump above its 2.8 million barrels a day quota. Output is 2.9 million barrels a day now, the government says.

"We have to do it gradually so as not to affect the oil market too much," Ramirez told state television station Venezolana de Television. "It will reach a level that will compensate what we stopped selling in the market."

Ramirez said Venezuela had an agreement with the Organization of Petroleum Exporting Countries allowing it to overproduce.

Venezuela is recovering from a political strike that petered out last month. Oil production reached a low of 200,000 barrels a day at the height of the walkout, which cost Venezuela $6 billion. It also forced Venezuela to spend $540 million on gasoline imports to make up for severe shortages.

Executives fired from the state oil monopoly for participating in the strike say production is only 2.1 billion barrels a day. The government fired almost half the 35,000-strong work force at Petroleos de Venezuela SA for walking out.

On Thursday, Venezuela brought its largest catalytic cracker back online, bringing the country a step closer to resuming gasoline exports to the United States. Venezuela was the world's fifth-largest exporter before the strike. Venezuela crude and refined products accounted for 14 percent of U.S. oil imports last year.

Venezuela also announced Thursday that it had stopped importing gasoline.

Ramirez also said there was an $8 to $10 premium on international oil prices because of U.S. threats to lead an attack on Iraq. He said there was enough world production to meet demand. OPEC agreed Tuesday to stick w

OPEC agreed Tuesday to stick with its production target of 24.5 million barrels a day.