OPEC experts to prepare next summit in Vienna in mid-August
ALGIERS, July 9 (AFP) - Experts from the 11 member countries of the Organization of Petroleum Exporting Countries (OPEC) will meet in Vienna next month to finalize a declaration for the heads-of-state summit in Caracas, officials said Sunday.
The experts, who met Saturday and Sunday behind closed doors in Algiers, decided to convene at OPEC headquarters in Vienna in mid-August for "a closer examination" of the text, due to be issued at the organization's September summit.
The experts also prepared and reviewed documents on OPEC's objectives, its role in the global financial arena and challenges the group faces in coming decades.
The working documents are to be presented to the OPEC delegates at the Caracas summit.
Experts also reviewed the group's relations with consumer and other producer nations, as well as inter-OPEC relations, participants said, but did not tackle the thorny question of current oil markets.
On Saturday, current OPEC President Ali Rodriguez said: "Market stability is our main objective."
Last month, OPEC member states agreed to a modest production hike of 708,000 barrels per day, and to pump more oil into the market if the average reference basket of OPEC crudes remained above 28 dollars a barrel for 20 consecutive trading days.
Algeria's Energy Minister Chakib Khelil said Saturday that OPEC would not increase production levels unless there was a "demand or expressed need".
Saudi Arabia's Oil Minister Ali al-Nuaimi warned last week that "if prices do not come down, the kingdom of Saudi Arabia, in concert with the other producer countries, will increase production by 500,000 barrels per day very soon from now."
© 2000 Mena Report (www.menareport.com)