US Energy Secretary Bill Richardson said Sunday the effect of OPEC member gvernments' decision to boost production by 800,000 barrels a day was still up in the air.
"We welcome the reports" of the output increase, Richardson said in a statement. "Whether such an increase will stabilize the market remains to be seen. Nonetheless, this expected production increase will bring needed additional oil into world markets.
"We would like to acknowledge the constructive role Saudi Arabia is playing with respect to the oil markets," Richardson said.
The Organization of Petroleum Exporting Countries (OPEC), at its meeting in Vienna Sunday, agreed to boost its production by 800,000 barrels a day beginning October 1.
"We are also doing our part" Richardson added. "We have created a home heating oil reserve, and have repeatedly challenged refiners to move product into markets as quickly as possible."
"We urge Congress to pass our proposals to increase energy efficiency, alternative energy sources and domestic oil and gas production. We also are keeping all our options open to make certain that Americans can heat their homes this winter" Richardson said.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)
