Military

DATE=1/11/03

TYPE=CORRESPONDENT REPORT

TITLE=OPEC/VIENNA (S-Only)

NUMBER=2-298283

BYLINE=MELANIE SULLY

DATELINE=VIENNA

CONTENT=

VOICED AT:

INTRO: The Organization of Petroleum Exporting Countries holds an emergency meeting in Vienna Sunday to discuss an increase in the production of crude oil. Melanie Sully reports from Vienna, a price surge is the reason for the surprise meeting.

TEXT: Delegates from the 11 member nations of OPEC gather for the second time in a month at their Vienna headquarters.

The cartel is expected to increase its official output quota, some officials speculate, by one million, or one-and-a-half million barrels per day, to make up the shortfall caused by a six-week-old strike in Venezuela, a major supplier to the United States.

Saudi Arabia wants a bigger increase, but Algeria and Libya are pressing for a million-barrel-per-day increase, which would represent about a four percent rise over the current output of 23-million barrels per day.

Any increase would become effective from February 1st, and would be reviewed at the next regular meeting of the OPEC ministers on March 11th. (Signed)

NEB/MS/TW