2000 News Story

Oil minister predicts no increase in oil production

Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi today confirmed that the Organization of Petroleum Exporting Countries (OPEC) does not at the current time see any justification for considering raising oil production at its next meeting. Minister Al-Naimi stated that if the price exceeds the prescribed range of between 22 and 28 dollars a barrel over a period of twenty days, then measures would be taken. At the moment, the price is within that range.