Saudi Arabia's Supreme Petroleum Council, chaired by King Fahd, said Tuesday that the kingdom was seeking to preserve the stability of the oil market.
"The council looked at the evolution of the oil market and said that Riyadh was determined to maintain its oil policy that aims to guarantee equilibrium on the global market in a manner that preserves the interests of producer and consumer countries," the official SPA news agency said.
The council also stressed that Saudi Arabia was working "to guarantee the continuation of growth in the global economy and the delivery of oil at reasonable prices."
Saudi Oil Minister Ali al-Nuaimi said Monday in Oslo that the market was selling at a "reasonable price" and that "there is no need for additional steps by any actor."
In London Tuesday, a barrel of Brent North Sea reference crude for March delivery fell to $28.30 from $28.45 at the previous close. Prices peaked at $29.20 a barrel on Monday.
The Organization of Petroleum Exporting Countries decided in mid-January to cut production by 1.5 million barrels a day, effective from February 1 to steady the market.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)
