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OPEC to increase production by 1 million barrels

(15 Sep 2004) 1. Various of OPEC meeting 2. Saudi Oil Minister Ali Naimi (with white hair and glasses) at table 3. United Arab Emirates Oil Minister Obaid Al-Nasseri (with beard) at table 4. Wide of meeting 5. OPEC Secretary-General Purnomo Yusgiantoro, Indonesian minister of energy and mineral resources 6. SOUNDBITE (English) Ali Naimi, Saudi oil minister: "We still have a million-barrel-per-day capacity over our October allocation of nine and a half." 7. SOUNDBITE: (English) Abdullah bin Hamad al-Attiyah, Qatari oil minister: "Hopefully this will be a stronger message to the market. We will meet in Cairo (on) the sixth of December to discuss what we should do next." (Question: Why not more now?) "We believe that this is now - the market has accepted, we believe that there is more oil in the market, we believe that all this production will give more stability to the market." 8. Reporters and photographers at meeting 9. SOUNDBITE: (English) Abdullah bin Hamad, Qatari oil minister: (Question: There's so much oil in the market - why isn't it showing up in the inventories?) "We believe that the inventory, it has some (unintelligible) since last year. If you see the American inventory, they are more than 15 billion compared with last year." 10. Reporters surrounding oil ministers 11. SOUNDBITE: (English) Abdullah bin Hamad, Qatari oil minister: "We don't discuss what (is) the impact of the price, you know, but we believe that this is a good message to the consumers that OPEC is trying to do whatever they can do to stabilise the oil market. Hopefully this will reflect positively to the price, hopefully to settle a reasonable price that can be enjoyed by the consumer and producer." 12. SOUNDBITE: (Russian) Andrey Greus, Russian oil minister: "We are interested in the stability of prices and more predictability." (Translator speaks) "We are interested in stability of the market and stability of the situation and that's why we're talking with ministers here because we are not interested in changing this situation and we don't want to disturb the general construction." 13. Reporters talking to oil ministers 14. SOUNDBITE: (English) Bijan Namdar Zangeneh, Iranian oil minister: "The parliament didn't change the main concept of this issue and it's, I think, a misunderstanding." (Question: Can you clarify what they did?) "They didn't change it. We can submit an exploration phase, and a development phase based on the tender to the international oil companies in some discovered area." (Question: So their action is not important?) "No, they didn't change the concept of this idea." 15. Reporters with Zangeneh 16. Pan of meeting with ministers and reporters STORYLINE: OPEC will increase its production of oil by 1 million barrels a day starting in November as the cartel moves to head off rising oil prices, oil ministers said on Wednesday. Kuwaiti Oil Minister Sheik Ahmad Fahad al-Ahmad al-Sabah said the increase of nearly 4 percent would signal that OPEC is trying to keep the oil market stable. The decision will increase OPEC's self-imposed output limit for all its members, except Iraq, from 26 million barrels a day to 27 million barrels, but the cartel is already producing 27.4 million barrels. Oil prices have soared in recent months because of the extremely thin margin of spare output capacity worldwide and fears of supply disruptions around the globe. Analysts said the global supply cushion is thin because OPEC vastly underestimated the growth of demand this year. Some OPEC members, including Libya and Nigeria, wanted the band increased. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...