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

To: SargeK who wrote (39414)	3/10/1999 7:30:00 AM
From: Platter	Read Replies (1) \| Respond to of 95453

Gulf Arab states expect deal to save oil prices (Adds details, background) SHAYBAH, Saudi Arabia, March 10 (Reuters) - Gulf Arab oil ministers meeting in Saudi Arabia said on Wednesday they expected oil producers to reach an agreement soon involving "considerable" output cuts to help prices. "The countries meeting in Shaybah shall take all the necessary measures in close consultation with OPEC and non-OPEC producing countries, most important of which is a considerable reduction in current production, sufficient to remove excess inventories from the market resulting in higher oil prices," a statement said. "As a result of the consultations carried out so far the ministers expressed their optimism regarding the possibility of reaching an effective agreement in the next few weeks, for the purpose of bringing stability to the market and significantly improving prices," it added. The statement did not say how much volume would be cut under the hoped for deal to help prices. Gulf Arab oil ministers from OPEC members Saudi Arabia, Kuwait and Qatar and non-OPEC Oman held talks on the sidelines of the inauguration of Saudi Arabia's Shaybah oilfield. There was no mention in the statement of a compromise agreement reached between Saudi Arabia and Iran on Sunday on the issue of the baseline from which Iran is obliged to cut its oil production under an OPEC pact designed to help oil prices. The statement said the current world oil market situation was "not acceptable and should not therefore continue." Key OPEC producer the United Arab Emirates was not present at the Shaybah meeting. The news of an imminent deal to boost prices comes ahead of a crucial OPEC ministerial meeting in Vienna on March 23. Saudi Arabia had been expected to present its agreement with Iran to its fellow Gulf Arab oil ministers at Shaybah, according to a Gulf source.