The world's top two oil exporting nations, Saudi Arabia and Russia, concluded Sunday, January 5, that they will work together to stabilize international crude prices by keeping supplies flowing to world markets.
The Riyadh meeting was convened against a backdrop of concerns that a military showdown in Iraq, compounded by the industrial strike in Venezuela, could disrupt oil world exports and send oil prices soaring.
Saudi Oil Minister Ali al-Naimi and Russian Energy Minister Igor Yusufov agreed to cooperate and coordinate policies in order to ensure that would be no lack of oil supplies that could adversely affect global economic growth.
Saudi Arabia is the key member of the Organization of Oil Producing Countries (OPEC) while Russia is a non-aligned producer. In second half of the year 2002, the Saudi kingdom pumped some eight million barrels per day (bpd) while Russia’s oil output reached 7.6 million bpd.
The 11-member OPEC cartel has already pledged to boost oil production in mid-January by up to one million bpd, in a bid to bring down crude price from its present $30 a barrel to less than $28. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
