Oil ministers from the United Arab Emirates (UAE), Saudi Arabia and Oman will meet Saturday, October 27 for talks on the oil market as prices wallow at two-year lows, the official Emirati news agency WAM said.
The meeting of kingpin Saudi Arabia and the UAE -- both members of the Organization of Petroleum Exporting Countries (OPEC) -- with independent oil producer Oman is part of the cartel's efforts to coordinate with non-OPEC countries and boost slumping oil prices.
OPEC President Algerian Chakib Khelil said Tuesday in Buenos Aires that the OPEC-backed target price of $25 dollars per barrel was a "reasonable" figure. Venezuela's President Hugo Chavez warned Tuesday in London that the world's major crude oil producers could become embroiled in a price war if exporters outside the OPEC cartel refuse to freeze or lower their output.
Chavez said concerted action by both the 11-nation club and outsiders was the only way to rescue prices which have fallen around 25 percent since last month's terrorist attacks on the United States.
In London, a barrel of Brent North Sea crude for December delivery opened at $20.66 dollars -- the lowest opening value for more than two years. In New York, light sweet crude November contract ended Tuesday at $21.85 a barrel, up nine cents. — (AFP, Abu Dhabi)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com )