1999 News Story

Oil Ministers Meet at Shaybah and Issue Statements
The oil ministers of Oman, Kuwait, Qatar and Saudi Arabia met today at the Shaybah oilfield and issued the following statement.

"First, the current situation in the petroleum market as regard to the existing low prices and abundant quantities of oil supplies will neither serve the interests of the oil-producing countries nor the interests of petroleum industry in the short and long terms. Moreover, this situation will have an adverse impact on the world economy because decline in petroleum investments will lead to decline of petroleum supplies in the future. Such a situation is unacceptable and should never exist.

"Second, the countries represented at Shaybah, through intensive consultations with both the OPEC and the non-OPEC oil-producing countries, will work to take the required measures, notably a considerable reduction in oil production, in order to end the situation of oil glut in the world market. Such a development will pave the way for a hike in the oil prices.

"Third, in the light of consultations conducted in this respect, the countries gathering in Shaybah feel optimistic about the possibility of reaching within the next few weeks an effective agreement leading to re-stabilization of the oil market and subsequently to a remarkable improvement in oil prices."