"The ministers met in the Venezuelan capital of Caracas on August 28, 1999, to review the
developments of the situation of the world oil market. The ministers observed with
satisfaction the gradual return of the oil market to equilibrium, the improvement in price
rates since their last meeting, and the commitment of their countries along with the other
oil producers to reduce supplies in order to stabilize the market.
"After reviewing the current oil market conditions and potentials, they agreed that price
stability and sustainability necessitates continuing to enforce the agreement on production
cuts through March 2000, in order to bring world petroleum stocks to their normal levels
and allow sustainable growth in global oil supply and demand.
"The ministers recognized the high degree of compliance to the agreed cuts as the major
factor that has contributed to market stability and consistency in oil prices, and
reaffirmed that continued adherence to the agreed cuts in the months ahead is necessary for
oil market equilibrium. The ministers remain convinced that OPEC member countries and other
oil exporters will continue to comply with the agreed output quotas until stocks return to
normal levels. As world oil consumption effectively recovers, a new global supply and
demand balance will be sustained at a stable price level consistent with a healthy global
"The ministers will continue to consult with each other, in order to exchange views and
closely monitor world market developments. They also agreed to maintain consultations with
other oil producers for the shared objective of achieving a stable oil market at
remunerative prices for producers and continued and reliable oil supplies for consumers."