OPEC suspends quotas

20 March 2003
As hostilities began in Iraq, OPEC President and Qatari Minister of Oil & Industry Abdullah al-Attiyah announced the suspension of OPEC quotas. He issued a statement saying:

'We recall that, at the 124th Meeting of the OPEC Conference, it was decided that Member Countries are to respond to any supply crisis.'

'In light of the events unfolding in Iraq and the interruption of supplies from an OPEC Founder Member, in my capacity as President of the Conference, I have consulted with Their Excellencies, the Heads of Delegation to the OPEC Conference, with whom I have discussed the implementation of the above-mentioned Conference decision.'

'As a result of those consultations, I am herewith reiterating OPEC's resolve to make up for any supply shortfall resulting from developing events.'

'To this end, Member Countries have pledged to use, in the interim, their available excess capacities to ensure continued supply.'

'In taking such measures, OPEC is, once again, acting in conformity with an objective set forth in its Statute since the establishment of the Organisation in 1960, namely to secure an efficient, economic and regular supply of petroleum to consuming countries.'

'While OPEC will continue to closely monitor and react to market developments, it is hoped that the measures taken will contribute to market stability and support world economic recovery.'

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications