Saudi Oil Minister in Kuwait for Market Talks

Published July 1st, 2000 - 02:00 GMT

Saudi Oil Minister Ali al-Nuaimi arrived in Kuwait Friday to discuss the state of the global oil market with his counterpart Sheikh Saud Nasser Sabah, reported Saudi Press Agency (SPA). 

Nuaimi said on his arrival that his visit was in the context of the "collaboration of our two countries on the situation in the petroleum market". 

His visit comes a day ahead of Saudi Crown Prince Abdullah' vist, who is expected to raise the subject of the still-unresolved demarcation of their maritime borders, said the agency. 

The two countries are seeking to reach an accord that will demarcate the continental shelf on which is situated the Dorra gas field. 

Nuaimi said the subject would not be part of his talks with Sheikh Saud, SPA said. 

Last Saturday, Sheikh Saud said OPEC could pump an additional 300,000 barrels per day (bpd) if needed by the market, said AFP. 

On June 21st, OPEC had already announced a deal under which it would raise daily oil production by 708,000 bpd to 25.4 million bpd. 

For his part, Sheikh Saud said Friday's visit is "very significant" for the oil market in the wake of the Sunday explosion at Kuwait's biggest oil refinery, AFP said. 

Five workers died and another 50 were injured in the blast, caused by a gas leak, and the refinery had to be temporarily shut down. 

It has been estimated that it will take 330 million dollars and six months' work to repair the damage, AFP said - (Several Sources)  

© 2000 Al Bawaba (www.albawaba.com)

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