OPEC : 123rd (Extraordinary) Meeting of the OPEC Conference

123rd (Extraordinary) Meeting of the OPEC Conference

No 2/2003
Vienna, Austria
12 Jan 2003

The 123rd (Extraordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) convened in Vienna, Austria, on January 12, 2003, under the Chairmanship of its President, HE Abdullah bin Hamad Al Attiyah, Minister of Energy and Industry of Qatar and Head of its Delegation.

The Conference reiterated its hope that a swift and peaceful resolution of the present situation in Venezuela could be found, in both the interests of the people and Government of the Country.

Having reviewed the oil market situation, especially the demand/supply picture for the first quarter 2003, and in light of the impact of the supply shortfall on price volatility, the Conference decided to raise the OPEC-10 ceiling from 23 mb/d to 24.5 mb/d, with effect from February 1, 2003, in order to ensure adequate supplies of crude to consumers and restore balanced market conditions. In this regard, the Conference extends its support to Venezuela in its efforts to restore its market share. The adjusted ceiling will be reviewed at the next Ordinary Meeting of the Conference, which Ministers re-confirmed would take place on March 11, 2003. Member Countries affirmed their commitment to the new production level and their intention to ensure that prices remain within limits deemed acceptable to both producers and consumers.

The Conference remains determined to take whatever measures, as and when deemed necessary, to maintain oil price and market stability, and states that the market will be continuously and carefully monitored.

The Conference repeated its standing call on other oil producers and exporters to continue to co-operate with OPEC for the enduring well-being of the market and the benefit of both producers and consumers.

The Conference expressed its appreciation to the Government of the Federal Republic of Austria and the authorities of the City of Vienna for their warm hospitality and the excellent arrangements made for the Meeting.

Member Country Current quota (b/d) Increase (b/d) Proposed quota distribution* (b/d)
Algeria 735,000 48,000 782,000
Indonesia 1,192,000 78,000 1,270,000
I.R. Iran 3,377,000 220,000 3,597,000
Kuwait 1,845,000 120,000 1,966,000
SP Libyan AJ 1,232,000 80,000 1,312,000
Nigeria 1,894,000 124,000 2,018,000
Qatar 596,000 39,000 635,000
Saudi Arabia 7,476,000 488,000 7,963,000
U.A.E 2,007,000 131,000 2,138,000
Venezuela 2,647,000 173,000 2,819,000
Total 23,000,000 1,500,000 24,500,000

*The new quotas are effective February 1, 2003.