1999 News Story

Key oil producers pledge standby alert for Y2K problems

The Kingdom of Saudi Arabia, together with the Republics of Mexico and Venezuela, issued a statement in Riyadh today pledging that if any Y2K problem leads to disruption in international oil supplies, the three key oil producers are ready to cope with the situation and compensate the market for any losses.  The statement reiterated their commitment to cooperation to safeguard the interests of both oil producers and oil consumers, pointing out that over the past twenty months they have been coordinating with other oil-producing nations to stabilize the global oil market in response to the low level of prices, and through these measures, to achieve a balanced market for the benefit of all. Mexico, Venezuela and Saudi Arabia wish to assure market participants that the oil supply is not at risk.  After exhaustive tests and simulations carried out in the three countries, they are confident that their production is secure, and if Y2K problems were to occur, an event they consider highly unlikely, they would be able to respond immediately.