|
OPEC increases production by 500,000 barrels per day
Michael Faloseyi, Abuja
Member states of the Organisation of Petroleum Exporting Countries have in response to the growing global demand in crude oil agreed to increase their production quotas by 500,000 barrels per day.
The Presidential Adviser on Petroleum and Energy Matters, Dr. Edmund Daukoru, alongside the visiting Algerian Minister of Mines and Energy, Mr. Chakib Khelil, on Thursday conformed the increase, saying it was based on the decision taken at the last meeting of the cartel.
Khelil, while confirming the increase, said that the meeting of the OPEC scheduled for next week had been unanimously cancelled by the member states of the cartel since the meeting was scheduled to discuss the new quota.
The Minister who was in Nigeria for discussions with the Nigerian government over the Trans Sahara Gas Pipeline said, �We have cancelled the meeting. We are not holding any meeting again and it was unanimously agreed.�
He said that after a telephone conference among the member states, the decision to increase the production quota was seen as an alternative to the meeting.
Daukoru explained that the meeting would have held if there had been any extra-ordinary incident that could affect the present trend of the global crude oil prices.
Daukoru said, �Whilst the issue still remains, the intensity of the issue (prices) is affected by global conditions.�
He said this was not within the ability of OPEC to control.
The special adviser explained said that the last OPEC meeting had resolved that the member states should increase their production on pro- rata (ratio) basis to reflect a total increase of 500,000 barrels per day.
By this arrangement, Nigeria�s daily production would be increased by 41,000 barrels per day. The original quota was 2.1 million barrels per day.
Despite the development, Daukoru said that another meeting of the oil cartel slated for September 15, 2004 would hold as scheduled.
Daukoru explained that the increase was not likely to affect the revenue profile of the exporting countries negatively because situations in the international market, which had led to high prices, were still prevalent.
He explained, �There is no extra-ordinary occurrence not to implement the previous decision of the cartel to increase production.
�We are fortunate that the forecast by experts are indicating favourable and healthy trend as they predict that world crude oil demand would continue to increase and reach about 90 million barrels per day.�
The PUNCH, Friday, July 16, 2004
|
|
| |
Copyright 2003 - 2004
Punch (Nigeria) Limited. All Rights Reserved
Powered by dnetsystems.net
dnet�
|
|
|
|
|
|
|
STOCK MARKET
|
|
As at Thur, July 15, 2004
|
|
8,265
8,250
8,235
|
| Total |
 |
N210.00 |
+1,000k |
|
| Guinness |
|
N147.00 |
+700k |
|
| Mobil |
|
N141.30 |
+631k |
|
| Conoil |
 |
N172.65 |
-735k |
|
| Union Bank |
|
N36.79 |
-101k |
|
| First Bank |
|
N29.00 |
-80k |
|
Volume: 45,029 million
Value: N628.188 million
Deals: 3,650
Index: 27,280.29
Mkt Cap: N1.935 trillion |
|
|
| |
|
AUTO WORLD
|
|
|
| |
|
| |
|
|
| |
|
|
|
|
|
