2005 News Story

Oil minister in Vienna for OPEC talks

Minister of Petroleum and Mineral Resources Ali Al-Naimi, in Vienna to take part in the ongoing conference of the Organization of the Petroleum Exporting Countries (OPEC), met yesterday with Mexican Minister of Petroleum Fernando Elzando to discuss cooperation among oil producing countries, both outside and within OPEC, in order to stabilize the oil market and avoid price fluctuations.

Meanwhile, OPEC’s President, Kuwaiti energy minister Shaikh Ahmad Al-Fahad Al-Sabah, affirmed yesterday the cartel’s concern to keep oil prices at an acceptable level, and commented that the agreed increase in oil production by 500,000 barrel per day (bpd) as of July 1 reflects OPEC’s support of the global oil market. He pointed out, however, that the current high prices are largely caused by a shortage of refining capacity.