Move to Stabilize Oil Prices On
October 16, 2000 - 0:0
TEHRAN Saudi Arabia's Oil Minister Ali al-Naimi said on Sunday OPEC was concerned about high oil prices and may act before its November meeting to stabilize the market.
Naimi said the oil cartel was working for market stability in cooperation with producers from outside the organization.
Asked if OPEC would decide to increase production before its scheduled November 12 meeting, Naimi said: "Everything is possible, even before the meeting.
This depends on the price," according to a Reuters dispatch.
"Our aim is to get an average price of $25 a barrel," he said an energy conference in the United Arab Emirates.
Brent crude oil Futures hit a 10-year high of $35.30 on Thursday, amid Palestinian struggle against the Zionists and the bombing of a U.S. warship in Yemen.
Under OPEC's informal price mechanism, which resumed on October 1, if the cartel's crude basket price stays above $28 a barrel for 20 working days or below $22 for 10 working days, crude output will be adjusted by 500,000 bpd either way in a bid to stabilize prices.
Naimi said the oil cartel was working for market stability in cooperation with producers from outside the organization.
Asked if OPEC would decide to increase production before its scheduled November 12 meeting, Naimi said: "Everything is possible, even before the meeting.
This depends on the price," according to a Reuters dispatch.
"Our aim is to get an average price of $25 a barrel," he said an energy conference in the United Arab Emirates.
Brent crude oil Futures hit a 10-year high of $35.30 on Thursday, amid Palestinian struggle against the Zionists and the bombing of a U.S. warship in Yemen.
Under OPEC's informal price mechanism, which resumed on October 1, if the cartel's crude basket price stays above $28 a barrel for 20 working days or below $22 for 10 working days, crude output will be adjusted by 500,000 bpd either way in a bid to stabilize prices.