French President Jacques Chirac met with OPEC President and Venezuelan Oil Minister Ali Rodriguez in Paris on November 13th to discuss high oil prices.
Chirac urged OPEC to cooperate with the European Union (E.U.) to achieve greater market stability and resumed his call for lower oil prices. At its latest meeting that concluded on November 13th in Vienna, OPEC left supply quotas unchanged and indicated that production cuts may be on the horizon in early 2001.
Rodriguez, who becomes OPEC’s secretary general effective January 1st, 2001, said earlier on November 13th that: “We can only conclude that OPEC has more than fulfilled its role as a reliable oil producer and that the true reasons for currently high prices lie behind a series of other factors.”
The E.U. has called for an increased dialogue and improved relations with OPEC in recent months, and Chirac indicated that he is hopeful that upcoming producer-consumer talks in Riyadh on November 17th-19th will produce an “operative result.”
Rodriguez said after meeting with Chirac that: “Working together is the only way to get a minimum of stability, for the benefit of producers and for consumers.”
He added that: “I am convinced that for the first time [in Riyadh] we will start to take concrete steps and move forward.” U.S. Secretary of Energy Bill Richardson and E.U. Energy Commissioner Loyola de Palacio are expected to attend the talks.