Statement by HE Dr Purnomo Yusgiantoro, Minister of Energy & Mineral Resources of Indonesia and President of the OPEC Conference

No 11/2004
Vienna, Austria
15 Jul 2004

Consultations took place, yesterday, among OPEC Heads of Delegation on market developments since the 131st (Extraordinary) Meeting of the OPEC Conference held in Beirut, Lebanon, on June 3, 2004 and the supply/demand outlook, a review which has confirmed that market conditions remain essentially unchanged.

Recognizing that OPEC Member Countries have already increased supply to the market, in line with the decision taken in Beirut, the Organization re-affirmed its decision to further raise the OPEC-10 production ceiling by 500,000 b/d to 26.0 mb/d, with effect from August 1, 2004, in order to maintain adequate supply to the market and support the continued, robust, global economic growth.

In these circumstances, the Organization has decided that there is, therefore, no call for the Conference to meet on July 21, 2004, as originally foreseen. The Organization, will, nevertheless, continue to closely monitor market developments, OPEC remaining firm in its determination to meet, whenever the need arises, in order to take the decisions that might be required to maintain market stability and keep prices at acceptable levels to both producers and consumers.

The Organization re-confirmed that the next Ordinary Meeting of the Conference will convene in Vienna on September 15, 2004.

HE Dr Purnomo Yusgiantoro, President of the Conference will hold a Press Conference at the OPEC Headquarters, Vienna, Austria, on Thursday, July 22, 2004 at 15:00 hrs.