1999 News Story

Oil minister denies excess production by OPEC countries

Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi today denied any truth in reports that Iran, Libya and Algeria have been exceeding the specified oil production ceilings, saying such reports are not authentic. While admitting that some states may be guilty of excess production, these are not the main oil-producing countries, and are not vital to the oil market.  He reiterated the serious commitment by all the major producers to maintain low production until March 2000 as the only way of ensuring market stability. After that date, he said, the possibility of modification will be discussed in accordance with supply and demand. He described the current situation of the oil market as healthy, and heading in the right direction.