{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='VIENNA: REDUCTION IN OPEC OIL EXPORTS' data-url='/boclips/videos/5c54bdecd8eafeecae137af8' data-video-url='/boclips/videos/5c54bdecd8eafeecae137af8' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nVIENNA: REDUCTION IN OPEC OIL EXPORTS\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatA five per cent reduction in OPEC oil exports appeared all but certain on Tuesday, with the group's three largestproducers - Saudi Arabia, Iran and Venezuela - agreeing on the need to curtail output and a fourth member,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eA five per cent reduction in OPEC oil exports appeared all but certain on Tuesday, with the group's three largest\u003cbr/\u003eproducers - Saudi Arabia, Iran and Venezuela - agreeing on the need to curtail output and a fourth member, Kuwait, confirming the size of the proposed cut.\u003cbr/\u003eMembers of the Organisation of Petroleum Exporting Countries are meeting on Wednesday in Vienna to reassess their output quotas.\u003cbr/\u003eMost members have expressed support for cutting supplies by 1.5 (m) million barrels a day.\u003cbr/\u003eAsked if he expected a quick agreement on cutting production, Kuwaiti Oil Minister Saud Nasser Al-Sabah told reporters that the organisation had already reached agreement.\u003cbr/\u003eAl-Sabah spoke as he arrived at his hotel in downtown Vienna.\u003cbr/\u003eThe impact on consumers remains unclear, primarily because Iraq, an important OPEC member, continues to withhold the bulk of its crude from the world market.\u003cbr/\u003eIraq is embroiled in a pricing dispute with the United Nations, which regulates all it's exports.\u003cbr/\u003eIt has not participated in the cartel's production agreements since the Gulf War, and OPEC members said they aimed to trim output regardless of what Iraq does.\u003cbr/\u003eOPEC members fear that prices could collapse if they fail to act, as the U-S economy begins to cool.\u003cbr/\u003eQatar, which earlier had advocated a cut of 2 (m) million barrels a day, seemed to moderate its stance, with Al Attiyah saying he was ready now to listen to other proposals from OPEC members.\u003cbr/\u003eIran, OPEC's number 2 producer, also had been seeking a bigger supply cut than the Saudis.\u003cbr/\u003eBut Iran's Oil Minister, Bihan Namdar Zangeneh, refused to quantify the decrease Iran wanted, as he arrived at his hotel.\u003cbr/\u003eOPEC typically acts only with the unanimous agreement of all its members.\u003cbr/\u003eOPEC supplies almost two-fifths of the world's crude.\u003cbr/\u003eIt's members are likely to cut their production despite requests by the United States and the European Union for them to stick to their current quota of 26.7 (m) million barrels a day.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"We want the market to be in a stable mode, therefore we need to make reductions, the size of the reduction will probably be around the 1.5 million (barrels a day) mark. That is not important. What is important is what we are trying to do. Hopefully we will avoid precipitous fall in the price or precipitous rise in the price and that's what we are trying to do.\"\u003cbr/\u003eSUPER CAPTION: Ali Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"I support the cutting, but how much we shall have to negotiate. The proposal is clear you know we want to cut but the amount has to be discussed in the meeting since we first have to have a report from members.\"\u003cbr/\u003eSUPER CAPTION: Purnomo Yusgiantoro, Indonesian minister of energy\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"(Is there going to be cut) That is what I have been told, we have an agreement already.\"\u003cbr/\u003e(What in 1.5 million) That is what I have been told\"\u003cbr/\u003e(When?) Well we have telephones you know.\"\u003cbr/\u003eSUPER CAPTION: Sheikh Saud Nasser Al-Sabah, Kuwaiti Minister of Oil\u003cbr/\u003e Vienna, Austria - January 15-16, 2001 \u003cbr/\u003eJanuary 15\u003cbr/\u003e1. Exterior of the Ana grand hotel \u003cbr/\u003e2. Saudi Arabian Minister of Petroleum and Mineral Resources Ali Naimi walks in to the lobby\u003cbr/\u003e3. SOUNDBITE: (English) Ali Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources \u003cbr/\u003eJanuary 16\u003cbr/\u003e4. Shot of the exterior of the Mariott hotel\u003cbr/\u003e5. Indonesian Minister of Energy, Purnomo Yusgiantoro, entering building\u003cbr/\u003e6. SOUNDBITE: (English) Purnomo Yusgiantoro, Indonesian minister of energy\u003cbr/\u003e7. Iranian Minister of Petroleum Bijan Namdar Zangeneh, entering building\u003cbr/\u003e8. Huge crowd of journalists \u003cbr/\u003e9. Exterior of Ana Grand hotel\u003cbr/\u003e10. Kuwaiti Minster of Oil, Sheikh Saud Nasser Al-Sabah, entering building\u003cbr/\u003e11. SOUNDBITE: (English) Sheikh Saud Nasser Al-Sabah, Kuwaiti Minister of Oil\u003cbr/\u003e12. 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