Coordination essential for oil price stability
Oman's Oil Minister Mohammad bin Hamad al-Romhi said Monday that coordination between all oil-producing countries, whether OPEC members or not, was essential for the stability of international crude oil prices.
"The main objective of the sultanate in its role as an oil producer is the stability of prices in the world markets," Romhi told the Muscat-based Al-Watan newspaper.
"Oil prices in the coming period look good if OPEC and other oil-producing countries continue to be unified in wanting to achieve stability in the market," said Romhi.
The sultanate, which produces 900,000 barrels of oil a day, is not a member so the Organisation of Petroleum Exporting Countries (OPEC) but coordinates closely with the 11-member cartel.
Commenting on booming oil prices, Romhi said "the stability of prices depends on factors, especially political ones, that do not reflect the reality of the situation of the oil market."
Oil prices on August 18 spiked to well over 32 dollars a barrel on both sides of the Atlantic and climbed to 10-year-high levels in London, as US stock levels remained around 24-year lows.
Romhi urged OPEC member states on August 8 to respect their output quotas agreed upon at their June meeting and not to raise oil production unilaterally, adding that he wanted the average price "to stabilise at 25 dollars for the current year". – (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)