2001 News Story

Saudi minister in tripartitie oil meeting in Geneva

Minister of Petroleum and Mineral Resources Ali Al-Naimi met in Geneva today with the Mexican energy minister Ernesto Martens and Venezuelan Minister of Energy and Mining Alfaro Silva. The tripartite meeting is a continuation of consultations among the three countries to achieve stabilization of the oil market. A joint press statement expressed their endorsement of the recent decision by the Organization of Petroleum Exporting Countries (OPEC) to cut OPEC output by one million barrels per day starting from September 1, 2001.  They emphasized the importance of market stability, and asserted their commitment to price levels that contribute to international economic growth while promoting greater investment in order to guarantee supplies in the long term. Consensus, they declared, is achieved through dialogue between producers and consumers. They urged other oil producing countries to continue supporting efforts to stabilize the oil market.