2000 News Story

Oil minister affirms OPEC aim to maintain balanced market

Minister of Petroleum and Mineral Resources Ali Al-Naimi today affirmed that the member states of the Organization of Petroleum Exporting Countries (OPEC) are working to restrain the global oil market, raising or lowering the supply of petroleum in accordance with the prevailing circumstances. Minister Al-Naimi stated at a press conference that the oil market will remain balanced, stressing that this involves decreasing as well as increasing production when necessary. He explained that OPEC's concern is to keep prices at a level ranging between U.S. $20 and $25 for the benchmark Brent mix from the North Sea, adding that in June there will be a further review of the situation by OPEC and its allies from outside the oil cartel. Asked about Iran's position, he said he is not unduly worried about this, since OPEC emerged from the meeting stronger and projecting itself as a responsible group ready to take decisions.

Meanwhile, it was announced today that the first channel of Saudi Television will telecast next Saturday, April 1, a panel on the significance and role of the Supreme Council for Petroleum and Minerals (SCPM) on its 'Face to Face' program. Participating will be Dr. Ihsan Bou-Haliqah and Dr. Abduwahid Al-Hameed, both members of the Consultative Council (Majlis Al-Shura). Dr. Abdulaziz Ismail Dahistani, chairman of the Shura Council's economic committee, will moderate. The program will review through live telephone calls as well as discussion the SCPM's mandate to take decisions on petroleum, natural gas, and hydrocarbons, and the Kingdom's oil policies and strategies, particularly in respect of stabilization of the global market.