here's the second article-
Sunday March 22, 10:09 am Eastern Time
FOCUS-Oil producers in Riyadh pact to cut output
By Steven Swindells
DUBAI, March 22 (Reuters) - Saudi Arabia teamed up with Venezuela and Mexico on Sunday to call on oil producers to remove up to two million barrels per day (bpd) of supply from the sickly world oil market.
After two days of secret talks in Riyadh that ended on Sunday, oil ministers from the three states released a joint statement saying that commitments had already been received to cut 1.1 million bpd from markets, beginning April 1.
''The three ministers decided to undertake an effort together with the rest of OPEC members as well as non-OPEC producers to withdraw from the market an amount of 1.6 to two million bpd,'' the joint statement, released on the official Saudi Press Agency (SPA) said.
A two million bpd reduction would amount to 2.7 percent of the 75 million bpd of global supply.
Saudi Arabia's Ministry of Petroleum and Mineral Resources simultaneously issued a separate statement saying it would cut its own supply to the market by 300,000 bpd from current output rates, estimated at 8.7 million bpd.
The three ministers agreed that there was an ''immediate need'' to reduce oil supply by 1.6-2.0 million bpd and that this should start from April 1 and last until the end of the year.
Saudi Arabia and Venezuela are the two biggest oil exporters in the Organisation of the Petroleum Exporting Countries. Mexico is a major non-OPEC producer.
After talks with other oil suppliers in the following few days, details of the exact output cuts would be announced, the joint statement said.
In addition to Saudi Arabia's cut of 300,000 bpd, Mexico said it was prepared to participate in an joint effort to stabilise the market.
The statements gave no details on the cut Venezuela was prepared to make under the deal.
Norway, the world's second largest oil exporter after Saudi Arabia, on Sunday said it would not exclude the possibility of an output cut as part of the agreement between OPEC and non-OPEC states.
''We are not prepared to take a position to reduce production now. But we are positively awaiting developments,'' Tore Sanvold, director general of the Norwegian oil and energy ministry told Reuters on Sunday.
Asked if Norway would cut oil output he added: ''We have not in principle excluded it.''
Saudi Arabia's Oil Minister Ali Naimi said earlier this month that the kingdom would not on its own cut output unless other producers, including those in OPEC, showed more of a willingness to trim flows.
''The continuity of this situation is very harmful to oil producers as well as consumers. The international oil market needs to be balanced and stable,'' the Saudi petroleum ministry statement on Sunday said, referring to a fall in oil prices over the last three months.
Oil prices have sunk to their lowest level in nine years following a Saudi-led initiative in November to get OPEC to increase its production by around 10 percent to 27.5 million bpd.
Persistent quota violations by OPEC states Venezuela, Nigeria and Qatar, combined with the economic downturn in Asia and a mild northern hemisphere winter have dragged oil prices down below $12 a barrel from an average of more than $19 last year.
''The resulting very low prices have caused a significant reduction in the revenues of all producers,'' the press release by the three producers said.
''In addition it is felt that these low prices also could be dangerously damaging for world economic stability in the medium term, in view of the possible impact of lost revenues on the necessary investments for ensuring adequate future supply to consumers,'' the statement added.
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