Saudi Arabia refuses to rule out oil production increase

Published November 14th, 2000 - 02:00 GMT

Saudi Arabian Oil Minister Ali Naimi said on Monday he would not rule out further oil production increases by OPEC. 

 

"I want to reaffirm there is no elimination, no ruling out of further increments," he told reporters minutes before an official meeting of the 11-nation body. 

 

"We have continually said that when it is determined that there is a shortage of supply, OPEC, certainly Saudi Arabia, will rise to the occasion to make up the shortage." 

 

Most other OPEC oil ministers here expressed fears about oversupply leading to a collapse in crude oil prices next year. They are to meet January 17 to discuss possible production cuts.—AFP. 

©--Agence France Presse. 

 

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