Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi met today in Riyadh with visiting Venezuelan minister of energy and mines Ali Rodriguez Araque, who is also chairman of the current session of the Organization of Petroleum Exporting Countries (OPEC), to discuss the international oil market and the importance of maintaining its stability in order to serve both producing and consuming countries. They also discussed the OPEC summit due to be held in Caracas towards the end of September.
The following is the full text of the joint statement issued:
"H.E. Ali Rodriguez Araque, the Minister of Energy and Mines of Venezuela and H.E. Ali I. al-Naimi, the Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia, met in Riyadh on 12th July, 2000, to exchange views on different issues of common interest to both countries.
"The Venezuelan delegation briefed the Saudi side on the ongoing preparations for the OPEC summit which will convene in Caracas on 28th September, 2000.
"The two Ministers discussed the prevailing oil market conditions following the recent OPEC decision and noted that price volatility, as witnessed at various times, is not in the interests of the producers or consumers.
"They noted that the current situation and the near future outlook for products point to an imbalanced market.
"They reiterated their firm commitment to a stable oil market which is adequately and timely supplied. Towards this objective the two sides decided to work together with OPEC and with other producers to bring balance to the market."