Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: kormac who wrote (60895)	2/24/2000 11:29:00 PM
From: Wowzer	Read Replies (2) \| Respond to of 95453

February 24, 2000 Gulf Oil Ministers Said to Reach Deal on Gradual Production Increases Associated Press DUBAI, United Arab Emirates -- Persian Gulf oil ministers have agreed to increase production to stabilize international markets, a senior United Arab Emirates oil official said Thursday. Oil ministers from the Gulf Cooperation Council, which comprises Organization of Petroleum Exporting Countries members Saudi Arabia, Kuwait and the U.A.E. and non-OPEC Oman and Bahrain, met in Riyadh Wednesday, after which an official statement was issued that hinted at maintaining "market stability" without mentioning specifics. "All the ministers were in agreement during the meeting," the official said Thursday, speaking on condition of anonymity. "Figures were discussed and more discussions will be held before a specific figure is agreed upon." The U.A.E. official said a production increase will be gradual and will be in the range of 1.5 million barrels a day. "After that, it's the market's call," he said. Saudi Oil Minister Ali Naimi is scheduled to meet March 2 with Mexico and Venezuela to discuss whether to increase production. Mr. Naimi's talks with his Mexican and Venezuelan counterparts will further clarify matters, the U.A.E. official said. Despite reports of U.S. pressure on Gulf states and members of OPEC to raise production, the visit of U.S. Energy Secretary Bill Richardson to Kuwait and Saudi Arabia wasn't discussed during the meeting, the U.A.E. official said. Mr. Richardson, who arrived in Kuwait on Thursday, has said that the U.S., the world's largest oil market, wants prices to come down. He was scheduled to travel to Saudi Arabia on Friday. In Cairo, Egypt, Mr. Richardson said Wednesday that he was planning "friendly, positive" talks with Kuwaiti and Saudi officials. "I'm not going there to pressure anybody," he said. Mr. Richardson refused to say what oil price he was seeking, saying price should be dictated by the market. Officials from Saudi Arabia, the world's largest oil exporter, say their government favors prices of about $20 to $25 a barrel. Before Wednesday's meeting, U.A.E. oil minister Obeid bin Saif Al-Nasseri said he wanted a price in the same range. OPEC oil ministers are due to meet in Vienna on Mar. 27 to review oil output cut agreements, which expire at the end of March.