Opec Will Not Increase Oil Exploitation By at Least Sep 2005

Opec, oil trust, will not increase oil exploitation by at least Sep 2005. According to the minister for power engineering of Quatar, Opec, which is the source of roughly 40% of global oil reserves, will keep the agreement arranged in Vienna, Austria, in the middle of Jun 2005. During the negotiations, 11 members of Opec agreed the maximum of 28 mil/d barrels with effect from 01 Jul 2005, 500,000 barrels/d more than before. Opec exploits about 30 mil/d barrels of oil including Iraq, which is not included in quotas. The date in Vienna entrusted Opec’s president, who is the Kuvaiti sheik Mr. A. Fahd al-Sabah, to negotiate the exploitation of another 500,000 barrels/d in case of need. According to the agreement from Vienna, the quota increase would came into effect in Sep 2005 at the earliest.