OPEC members Saudi Arabia and Venezuela, and Mexico, which is not part of the oil cartel, favor reducing world crude supplies, the official Saudi news agency SPA reported Sunday, November 11.
During a meeting in Madrid, Saudi Oil Minister Ali Al-Nuaimi and his Mexican and Venezuelan counterparts, Ernesto Martinez and Alvaro Silva Calderon, "agreed on the need to take the necessary measures in the coming days to cut the current output surplus," it said.
Saudi Arabia, Venezuela and Mexico are the largest oil exporters to the United States. Their 1998 agreement to slash output boosted oil prices which had fallen below $10 a barrel. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
