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: SargeK who wrote (39163)	3/7/1999 5:27:00 PM
From: Mike from La.	Respond to of 95453

-------------------------------------------------------------------------------- 3/7/99 -- 4:29 PM Saudi Arabia, Iran discuss ways of boosting oil prices -------------------------------------------------------------------------------- RIYADH, Saudi Arabia (AP) - Saudi Arabian and Iranian oil ministers said Sunday that in order to raise prices, the market's surplus must be eliminated, the official Saudi Press Agency reported. In their talks in Riyadh, Ali Naimi of Saudi Arabia and Bijan Namdar Zanganeh of Iran agreed there is ''a surplus in supply of oil, and it is necessary to get rid of this surplus in order for oil prices to improve,'' the agency said. The discussions came about two weeks before the Organization of the Petroleum Exporting Countries is due to hold a ministerial meeting on oil prices, which have plummeted to their lowest level in 20 years, hovering near $11 a barrel for the past several months. ''The two sides also agreed on the need to continue discussions between themselves, and among OPEC members and non-members, to take a united and positive decision during the next OPEC meeting on March 23,'' the agency reported. Saudi Foreign Minister Prince Saud al-Faisal said Wednesday that his country and Iran were determined to curb the collapse of oil prices on international markets. Saudi Arabia has a daily production quota of 8 million barrels, while Iran, the second-largest OPEC producer, has a quota of 3.3 million barrels. Other OPEC members include Algeria, Indonesia, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates and Venezuela.