OPEC President: Market Stability is OPEC's Main Objective

Published July 8th, 2000 - 02:00 GMT

Achieving market stability is the main objective of the Organization of Oil Producing Countries (OPEC), the body's president, Ali Rodriguez, said Saturday at the opening ceremony of a meeting attended by 11 OPEC representatives in Algiers. 

"OPEC's response has to be clear: market stability is our main objective," Rodriguez said, citing "pressure" from industrialized nations to "preserve their interests." 

"We have to avoid volatility by seeking a point of equilibrium that is good enough for development of the industrialized and developing nations," he said. 

Last month, OPEC members agreed to a modest production hike of 708,000 barrels per day and to pump more oil into the market if the average price of crude remained above 28 dollars a barrel for 20 working days. 

The accord went into effect July 1st - Algiers (AFP) 

© 2000 Al Bawaba (www.albawaba.com)

You may also like