2001 News Story

Tripartite oil meeting in Riyadh

Minister of Petroleum and Mineral Resources Ali Al-Naimi has stated that his meeting today with Mexican energy minister Arnesto Martens and Venezuelan Minister of Energy and Mines Alvaro Silva Calderon covered discussion of ways to achieve stability in the global oil market and maintain equilibrium between supply and demand by reducing oil production if necessary. During its meeting scheduled for next Friday, the Organization of Petroleum Exporting Countries (OPEC) will decide whether to reduce oil production in order to maintain prices at the targeted level of U.S. $25 per barrel. The three ministers agree that it is essential to continue their consultations, holding periodical meetings to assess the market and take the necessary measures. They reiterated their commitment to sustain dialogue between producers and consumers, and praised the Kingdom's initiative regarding the establishment of a permanent general secretariat for the Energy Forum.