Libya, Venezuela Want Cut in OPEC Production

Via NY Transfer News * All the News That Doesn't Fit

source - World Oil - October 16, 2001

http://www.worldoil.com/news/newsstory.asp?ref=http://62.172.78.184/feeds/worldoil/new/article_e.asp?energy24=242784

Libya, Venezuela want 3.0 Mln Bpd OPEC Cut-Jana

BEIRUT, Oct 16 (Reuters)--The Libyan state news agency Jana on
Tuesday quoted a Libyan official as saying that Venezuela and Libya
wanted OPEC to cut crude oil supply by at least three million barrels
per day.

Last year Libya, one of OPEC's smallest oil exporters, suggested that
the cartel stop pumping crude altogether for a year or two as a last
resort to keep prices high.

Venezuelan President Hugo Chavez met with Libyan leader Muammar
Gaddafi on Saturday in an unscheduled diversion from the former's
European and north African tour. Chavez left Tripoli without
commenting on the talks.

"There was a convergence of views between the two countries on the
importance of a reduction by OPEC producers of at least three million
barrels per day to shore up prices," Jana quoted deputy foreign
minister Hassouna Chaouch as saying.

Chaouch said falling crude prices were putting oil producers under
pressure to defend their revenues.

Oil prices have fallen by 25 percent since the September attacks on
the United States amid an increasingly grim outlook for global
petroleum consumption.

Chavez on Monday repeated his concern over the falling oil price but
he could not say how much producers would have to cut output to
restore balance to the market.

Qatari Oil Minister Abdullah al-Attiyah said on Monday there was a
"strong movement" within OPEC to cut supply but he declined to talk
volume.

A Gulf source told Reuters last week the cartel was considering a
possible cut of around 700,000 to one million barrels per day,
although traders are sceptical that the cartel will act before its
next meeting planned for November 14. - Reuters
 
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