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Saudi Arabia: Oil May Be Cut Again
April 6, 1998
Filed at 4:57 p.m. EDT
By The Associated Press
DUBAI, United Arab Emirates (AP) -- Saudi Arabia's oil minister was quoted Monday as saying world oil producers are ready to cut back more if the previously adopted reduction of 1.5 million barrels a day doesn't stabilize prices.
''I can't say with any degree of precision what would be sufficient,'' Oil Minister Ali Naimi told the weekly Middle East Economic Survey.
''But what I do know is that there is a positive trend of commitment among the producing countries, and there is a willingness to cut more volume if need be,'' he said.
The Organization of Petroleum Exporting Countries agreed at a meeting last week to cut production 1.5 million barrels an day to prop up sagging prices.
Saudi Arabia is the world's biggest oil producer. In addition to Saudi Arabia, OPEC members include Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela. |
