OPEC communique confirms 1-mil b/d ceiling hike to 27-mil b/d

Vienna (Platts)--15Sep2004

OPEC issued a communique after a ministerial meeting in Vienna Wednesday
confirming a decision to increase the quotas of the ten OPEC producers bound
by quotas by 1-mil b/d to 27-mil b/d from Nov 1. The communique said the
decision to raise the ceiling was part of the group's efforts "to bring prices
down to more sustainable levels." Iraq is not a party to OPEC's quota system.
In adopting its decision, OPEC was "reiterating its commitment to take action
to stabilize markets..." 

The communique also said that Kuwaiti oil minister Sheikh Ahmed Fahed al-Sabah
was elected conference president for one year from Jan 1, 2005 with Nigeria's
delegate to act as alternate president. The group will hold an extraordinary
meeting in Cairo Dec 10 and an ordinary meeting Mar 16 in Iran, the communique
said.

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