Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi met with Iranian oil minister Bijan Zanganeh in Riyadh today to discuss the situation of the international oil market. The following statement was issued after the meeting:
"H.E. Ali Al-Naimi, the minister of petroleum and mineral resources of the Kingdom of Saudi Arabia, and H.E. Bijan Zanganeh, the minister of petroleum of the Islamic Republic of Iran met in Riyadh on March 8, 2000 to review world oil market conditions and outlook and to sustain the process of cooperation and coordination among oil producers for the objective of market stability.
"The ministers noted that recent rising oil price levels and their continued volatility is not in the long-term interests of producers or consumers. They reiterated their countries' commitment to oil market stability and the security of supplies.
"The ministers agreed that current market conditions and outlook necessitate that oil producers from OPEC and non-OPEC provide adequate and timely oil supplies to balance the market in order to reach sustainable price levels conducive to world economic growth and market stability.
"They agreed to continue their consultations with other producers ahead of the next OPEC conference."
Yesterday, Minister Al-Naimi carried out a tour of inspection of Saudi Aramco's facilities at Al-Khafji, marking the start of operations of the new concessions in that area, on the border with the State of Kuwait, including sharing of offshore reserves.