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

To: SliderOnTheBlack who wrote (28390)	8/26/1998 1:08:00 PM
From: Gameboy	Respond to of 95453

Oil producer trio to meet in September - Arrieta biz.yahoo.com Wednesday August 26, 12:30 pm Eastern Time CARACAS, Aug 26 (Reuters) - Energy ministers from the three oil producers that have masterminded a series of output cuts this year have postponed a planned meeting until September in order to assess market trends further, Venezuela's Energy and Mines Minister Erwin Arrieta said Wednesday Arrieta said the meeting would most likely take place in Mexico. He added that he would travel to Mexico on Thursday to discuss bilateral energy accords with his Mexican counterpart Luis Tellez. Arrieta, Tellez and Saudi Arabia's Ali al-Naimi decided to postpone a meeting planned for next Friday because ''it was worth waiting for the results of the market's behavior in August.'' No date has yet been set for the meeting, but it will probably take place in the first 10 days of September, Arrieta added. Venezuela, Mexico and Saudi Arabia have been the driving forces behind oil-output cuts totaling about 3.5 million barrels per day this year in an effort to boost flagging prices. But Arrieta stressed that, in his opinion, the next round of talks shouldn't focus solely on output levels. ''We're going to stop talking about production because it's no use wasting the talks...when what we've got to do is look for new alliances and new commercial spaces in the market so that there is room for all producers,'' he said. Arrieta said the 3.1 million bpd cuts pledged by OPEC and non-OPEC members should be sufficient to boost prices but that the latest round of cuts, agreed n Vienna in June, had still not been fully implemented. ''The last part of Vienna is in the process of being implemented and the market is gradually responding,'' he said. Venezuela's advantage, Arrieta said, lies in the fact that it has an assured market through its commercial ventures abroad. ''So when we have restrictions in production, we often have to go to the international market to buy in order to satisfy our needs. That's Venezuela's advantage...what we produce, we place in our own spaces.''