Ministers of the 13-member Organisation of Petroleum Exporting Countries (OPEC) agreed on December 20 to an output ceiling of 18.5 million barrels of oil a day for 1983.
1. SV Interior OPEC representatives talking. (MUTE) (2 SHOTS) 0.22
2. SCU OPEN delegate speaks as journalists listen. (4 SHOTS) (SOT). 1.33
TRANSCRIPT: DIKKO: (SEQ 2) "I think it's not altogether as ridiculous as it looks on the communique of the community. We set a ceiling once ... we divided it in one way or another once, and the ceiling that has been set now is not very different from the ceiling of last year. For that matter I think it is only one million dollars more. So that any disagreement of people not feeling they have adequate authority to accept or reject is not, is not as wide as you think it is. (Journalist's question indistinct). No, I think we'll all exercise our sense of responsibility and restrain ourselves. Demand may have impact on the price only in an upward sense. If there is no demand, and the price looks like sagging, we will apply the necessary measures to adjust the supply to equal demand."
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Background: VIENNA, AUSTRIA
Ministers of the 13-member Organisation of Petroleum Exporting Countries (OPEC) agreed on December 20 to an output ceiling of 18.5 million barrels of oil a day for 1983. Speaking at the end of the three day ministerial meeting in Vienna, Sheikh Yamani of Saudi Arabia said his country's oil quota would remain at seven million barrels a day at a base price of 34 US dollars a barrel. The new output target is eleven and a half million barrels a day down on the 1979 market peak of 30 million barrels. OPEC members will meet to discuss output quotas in the New year. Acting OPEC president, Mallam Yayha Dikko of Nigeria, said the reference price of 34 U.S. dollars would be frozen for 1983, but added that it could be reviewed at the next scheduled OPEC meeting in six month's time.
Source: OSTERREICHISCHER RUNDFUNK