1999 News Story

Saudi, Mexican and Venezuelan oil ministers meet

Minister of Petroleum and Mineral Resources Ali Al-Naimi met in Riyadh today with Mexican energy minister Dr. Luis Tellez and Venezuelan minister of energy and mines Ali Rodriguez. The three oil ministers reviewed the global market, and stressed the importance of cooperation to stabilize it. The joint press statement issued at the end of the meeting expressed satisfaction at the positive outcome of cooperation from oil producers worldwide, and the high degree of compliance with the agreed production cuts. The three ministers reiterated their countries' commitment to these cuts until the end of March, 2000, with the aim of achieving a balanced market in the interests of both producers and consumers and the health of the economy as a whole. They called on all producers, both OPEC and non-OPEC, to continue with this commitment.

The statement declared that while the market base indicates greater balance, speculative aspects are contributing to recent price movements that warrant caution. The ministers renewed their resolve to continue their trilateral consultations, with the aim of strengthening cooperation among all producers to gain market stability and transparency for the year 2000 and beyond. Finally, the ministers agreed to meet again prior to March 2000 to assess the oil market situation and consolidate their cooperation.