Saudi Oil Minister Ali Al-Nuaimi on Saturday October 27 said the OPEC oil cartel would again slash production in a bid to bolster sagging prices. Naimi said global oil supply was excessive and, asked if this meant OPEC was going to reduce production or, instead, decide to tighten members' compliance with their quotas, he replied "All of the above".
"There is an agreement in principle to change the production ceiling," added United Arab Emirates Oil Minister Obeid Al-Nasseri at a press conference. OPEC ministers are set to meet in Vienna on November 14. — (AFP, Abu Dhabi)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
