1999 News Story

Oil Minister Comments on Meeting at The Hague

Oil Minister Ali Al-Naimi headed the Saudi delegation to the two-day meeting of the Oil Producing and Exporting Countries (OPEC) which took place in The Hague in the Netherlands on March 11 and 12. Commenting on their decision to reduce production by more than two million barrels a day effective from the beginning of April, he expressed optimism that the price per barrel would gradually improve, saying that there had been an increase of U.S. $ 3 in the past week alone. Minister Al-Naimi had met earlier with his Gulf Cooperation Council (GCC) counterparts in Riyadh on March 7, and at the Shaybah oilfield on March 10.