UAE: US Seeks another Oil Production Boost

Published May 16th, 2000 - 02:00 GMT

United Arab Emirates oil minister Obaid bin Saif al-Nasseri said Monday that the United States has again asked OPEC to increase oil production in OPEC coming meeting on June 21st in Vienna, reported AP.  

He was quoted as saying that the US request was conveyed to him at a meeting Sunday with a team of US officials led by David Goldwyn, assistant energy secretary for international affairs.  

Al-Nasseri didn't say by how much the United States wants OPEC to increase production or give any further details about the talks, added AP.  

"We are satisfied with the price levels and we hope it will stabilize at these current levels," Al-Nasseri was quoted by the agency as saying.  

Asked about a further increase in OPEC production, he said "It's not possible. Only in case of a wide volatility in the market."  

On Friday, Richardson urged OPEC to keep "an open mind" about increasing crude output at its June meeting and said he plans to continue with diplomatic efforts such as those that he said contributed to producers' decision to raise output in April, said AFP. 

OPEC members agreed on March 28 to increase production quotas by 7.4 percent with effect from April 1, thus restoring output to its level before cuts a year ago that helped treble prices on the worldwide market, added AFP - (Several Sources) 

 

© 2000 Al Bawaba (www.albawaba.com)

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