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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Olaf Koch who wrote ()2/25/2000 9:50:00 AM
From: Andrew Brockway  Read Replies (1) of 95453
 
Saudi's Naimi Sees Substantial Oil Demand Fall
09:14 a.m. Feb 25, 2000 Eastern

RIYADH (Reuters) - Saudi Oil Minister Ali al-Naimi said on Friday exporter group OPEC would decide future
output policy only at its March 27 ministerial meeting in Vienna.

He added in remarks to reporters that he expected global demand for oil to fall substantially in the second
quarter of the year and OPEC would have to analyze ``hard data' about the market before deciding policy in
late March.

``There should be a substantial decline in demand in the second quarter. It's usually between 2.5 million and
three million bpd,' Naimi said, adding OPEC's focus should not be on prices because they were influenced by
speculation.

Asked about reports that OPEC might raise output by one million to 1.7 million bpd when its output curbs expire
at the end of March, he said: ``Anybody who talks about volumes, it's (only) a good guess. I would rather not
venture (a comment).'

``There is cohesion and we are keeping together. Hopefully logic will prevail,' he said, adding that ``anything'
could happen at the OPEC meeting in late March. 'It's a question of analyzing hard data and that will determine
the decision,' Naimi said as he waited to welcome U.S. Energy Secretary Bill Richardson, touring key
producer states to ask them to raise output and help lower high prices.
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