Oil ministers to attend OPEC's extraordinary meeting in Algeria: Report
Monday, February 9 2004 - 03:52 AM WIB
Sources from OPEC's secretary told KUNA Saturday that Yusgiantoro will chair the conference, which will discuss several issues including production limits for the second quarter of 2004.
The sources made the remarks before Yusgiantoro arrived to Vienna Friday evening to discuss the preparations for the conference with the organization's Secretary General.
Yusgiantoro said that there will not be a meeting between member countries to keep OPEC's official production ceiling, 24.5 million barrels per day, or reducing it when the members meet in Algeria. However, there have been some fears of an unexpected severe drop in prices due to a seasonal reduction in demand.
Meanwhile, Algerian Energy Minister Chekib Khalil said here on Sunday that OPEC oil ministers' emergency meeting which will take place here tomorrow will be "critical".
He told KUNA that the conferees will focus on various issues including reconsideration of oil production policies and determining quotas of member states.
The 40 OPEC ministers are expected to arrive here tomorrow (Monday) including Kuwaiti energy Minister Sheikh Ahmad al-Fahd.
OPEC, which controls half of the international oil exports, reduces its production levels at this time of the year to prevent an excess supply and a slump in oil prices. But, consumers are worried that the increasing oil prices since September may affect their economic development.
OPEC will also hold another meeting in Vienna end of March.
Meanwhile, other OPEC sources said that the agenda for the March meeting will include assigning a new Secretary General. But the sources refused to give any details adding that it all depends on OPEC ministers and the competition between the three nominees from Kuwait, Iran, and Venezuela. (*)