2001 News Story

Oil ministers meet in Abu Dhabi

Minister of Petroleum and Mineral Resources Ali Al-Naimi headed the Saudi delegation to the consultative meeting of oil ministers of Saudi Arabia, Oman and the United Arab Emirates held today in Abu Dhabi. In a statement at the end of the meeting, convened within the framework of ongoing consultations among oil producers, the ministers expressed anxiety over deterioration in oil prices as compared to last year, due to an increase in oil supplies. The ministers agreed to intensify consultations with their counterparts in both OPEC and non-OPEC countries, in order to guarantee their support in taking the necessary measures to ensure crude oil price stability at the targeted level, and balance in the oil market in a way that meets both consumers' requirements and the needs of global economic growth.