2000 News Story

Tripartite meeting of oil ministers

Minister of Petroleum and Mineral Ali Bin Ibrahim Al-Naimi met in Cabo San Lucas in Mexico yesterday with Mexican Energy Minister Luis Tellez and Venezuelan Minister of Energy and Mining Ali Rodriguez to review the global oil market and assess the impact of the latest actions taken to stabilize it. In a joint communiqué the three ministers expressed their satisfaction at the results achieved by the increase in oil production, which has allowed prices to maintain acceptable levels for both producers and consumers, and has lifted the pressure felt by the market at the end of the first quarter of 2000. Given the current market conditions and outlook, the ministers considered that no further action is needed at this time. They agreed to continue to monitor the market, and stressed the importance of continuous consultation among both OPEC and non-OPEC countries.