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To: patron_anejo_por_favor who wrote (52600)	12/31/2000 3:45:24 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Looks like the Saudis are buying into OPEC production cuts in January: nytimes.com December 31, 2000 OPEC May Reduce Oil Production MANAMA, Bahrain (AP) -- OPEC members are likely to approve plans to reduce production when they meet Jan. 17 to discuss oil prices, Saudi Arabia's oil minister said Sunday. ``The cut will be enough to bring (market) stability,'' said Saudi Oil Minister Ali Naimi, without elaborating on how much crude production will be slashed. Naimi made his remarks after the six members of the Gulf Cooperation Council called for production cuts at the end of their two-day summit in Bahrain. In a summit communique read by Secretary-General Jamil Al-Hejailan Sunday, the group said its energy and oil ministers should ``work on reducing production during the next OPEC meeting in order to preserve market stability and achieve targeted prices.'' Similar comments have been made recently by officials from Kuwait and Venezuela. The GCC states are Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates. The Organization of Petroleum Exporting Countries increased production four times over the past year in order to bring once soaring prices down. In September, the price of oil in OPEC's basket of crudes topped $30 a barrel, the highest price in a decade. But those prices have hovered closer to $20 lately, thanks to OPEC's production increases, more non-OPEC production, and a mild European winter that has lowered demand for heating oil.