FACTBOX: What OPEC has said before Sept 9 meeting

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Fri Sep 4, 2009 6:17am EDT

(Reuters) - The Organization of the Petroleum Exporting Countries meets to consider oil output policy on September 9 in Vienna.

Although inventories are still high, the oil price rose to a 2009 high of $75 a barrel at the end of August, more than double a low of $32.40 in December, which was the weakest in nearly five years.

As prices have risen, in response to expectations of a growing economy rather than any significant tightening in the fundamentals of supply and demand, OPEC's output discipline has slipped to about 71 percent.

Early this year, it was estimated to be delivering around 80 percent of a pledged cut of 4.2 million barrels per day (bpd) compared with output last September.

The following are comments made so far by OPEC officials in the run up to the meeting.

SEPT 2

A spokesman for the Angolan OPEC presidency predicted no change.

"OPEC is likely to keep output unchanged at the next meeting," spokesman Miguel da Conceicao said.

AUG 31

Bulging global oil inventories remain a major concern for OPEC member states, even as signs of a possible global economic recovery grow, and will probably be a topic at the meeting, Iran's OPEC governor said.

"Everyone is worried about the current stock levels... for both OECD countries and floating storage," Mohammad Ali Khatibi told Reuters in a telephone interview.

"It may be considered by ministers a policy within one year, maybe a lower or higher period, to bring stock levels back down to normal."

AUG 30

Qatar's Oil Minister Abdullah al-Attiyah said OPEC was likely to keep oil production targets unchanged.

"In my opinion, OPEC will not change the situation," he told Reuters by telephone.

A senior Gulf OPEC delegate also told Reuters on August 30 that no change was the likely outcome.

"According to (the) current circumstances of supply and demand, possible demand during winter and the start of an economic recovery, they (ministers) might keep things as they are until the next meeting," the delegate said.

AUG 26

Nigeria would like to see oil prices remain between $70-80 and will not push for production changes, its oil minister said.

"We would like to see the price remain between $70-80. For the production, it is ok as it is for now," Rilwanu Lukman told reporters in the capital Abuja when asked what Nigeria's stance would be at the OPEC meeting.

AUG 25

Venezuela's Oil Minister Rafael Ramirez said world oil inventories are too high, and he did not expect OPEC to raise output.

Ramirez told Reuters that oil could reach an average of $70 per barrel by year-end if "current conditions hold," and could go as high as an average $75 per barrel in the last three months of the year.

"Inventories have declined but they remain above average. We need for them to come down to the average levels," Ramirez said.

AUG 24

Iraqi Oil Minister Hussain al-Shahristani said he saw no need for OPEC to raise production at the meeting.

"We see absolutely no need for OPEC states to decide to raise production at the next meeting," Shahristani said on the sidelines of a meeting between Iraqi officials and executives from the oil industry.

AUG 19

Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said there was no need to change production.

"There is no need to increase or cut output," he said. "Kuwait is happy with current output. The current oil price is not bad at all."

AUG 13

Shokri Ghanem, chairman of Libya's National Oil Corp. and the country's most senior oil official, said world oil demand had yet to show any sign of recovering and the market was oversupplied.

"Everybody should be urged to comply," Ghanem said.

"We are calling for compliance and should not, whenever we see the price is moving up, open the taps and produce more."

AUG 10

Ecuadorian Energy Minister Germanico Pinto told Reuters he saw no need for an OPEC oil production cut, adding he expected oil prices to stabilize.

"I think the price is going to stabilize at between $70 to $72 (per barrel)," he told Reuters.

Asked if more OPEC output cuts were needed, he said: "I don't think so, we're on our way to stabilization."

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