OPEC To Meet in Cairo on December 28th

OPEC confirmed it would meet in Cairo on December 28th, and said it would discuss implementation of its November 14th decision to cut crude output by 1.5-million b/d. OPEC's cut was conditional on non-OPEC countries cutting by a further 500,000 b/d. Non-OPEC producers Angola, Mexico, Norway, Oman and Russia have so far pledged output cuts totaling 447,500 b/d from January 1st. The following is the full text of a statement issued by OPEC's secretariat in Vienna:

"In the light of the welcome, positive decision announced by Norway on Monday to cut its oil output by 150,000 b/d from January 1 to June 30 2002, as well as other similarly positive statements of support issued earlier by a number of major oil producers, OPEC oil and energy ministers will meet in Cairo, Egypt, on Dec 28 2001. "The meeting will discuss the coordination of the implementation of the organization's decision to reduce output, in the light of pledges made so far by non-OPEC oil producers, and after reviewing the current oil market situation. The 118th (extraordinary) meeting of the OPEC conference in November agreed to reduce the organization's production volume by 1.5-mil b/d, effective January1, 2002, "subject to a firm commitment from non-OPEC oil producers to cut their production by a volume of 500,000 b/d, simultaneously". OPEC, in reiterating its firm commitment to stabilizing the market and realizing its objectives of restoring crude oil prices to fair and equitable levels, again calls on countries outside the organization to support these goals for the future welfare of the market and the good of producers and consumers alike."