Union (EU) releases a plan for coordination of member countries' crude oil reserves, including raising the minimum level of national oil stocks to 120 days of consumption from 90 days and putting one third of reserves into a stockpile which could be drawn on in times of crisis. The European Commission would have the power to release oil from the stockpile onto the market if prices rose to a level that, if sustained for a year, would raise the EU's external oil bill by an amount equal to 0.5% of its gross domestic product. Energy Commissioner Loyola de Palacio predicts that the new system will be in place in 2007. (Reuters) September 12: U.S. President Bush addresses the United Nations. President Bush declares in regard to Iraq that "The Security Council resolutions will be enforced — the just demands of peace and security will be met — or action will be unavoidable…and a regime that has lost its legitimacy will also lose its power." (Reuters) September 13: The World Bank approves lending for a controversial oil pipeline between Chad and Cameroon. The bank is funding $140 million of the $4 billion project to develop the oil fields of Doba in southern Chad and construct a pipeline to an offshore oil-loading facility on Cameroon's Atlantic coast. (Reuters) September 18: Work begins on the $2.9 billion Baku-Tbilisi-Ceyhan pipeline, which will transport oil from the landlocked Caspian Sea to Turkey's Mediterranean coast. The BP-led pipeline will be long when completed in 2005. Work begins on the Turkish section on September 26. (Reuters) September 18: According to United Nations officials and representatives of the oil industry, Iraq has stopped attempting to impose illegal surcharges on oil it sells through the United Nations’ “Oil-for-Food” program. Though the surcharges have provided funds to the regime, Iraq may be attempting to cooperate more closely with U.N. resolutions in the face of increased scrutiny by the United States and Britain. (DJ) September 19: OPEC, meeting in Osaka, Japan, decides that its ten members subject to quotas (i.e. excluding Iraq) will not raise their current production ceiling. However, OPEC's communiqué states that OPEC is committed "to taking any further measures, including convening extraordinary meetings when deemed necessary…to maintain prices [OPEC basket price] within the range of $22–$28 [per barrel]." Also at the meeting, Qatari Oil Minister Abdullah bin Hamad al-Attiyah is appointed as the new OPEC President, replacing Rilwanu