SAUDI ARABIA: OPEC CUTS LIKELY TO BE PROLONGED

Article Abstract:

Comments by Saudi oil minister, Ali al-Naimi, have led to speculation that the Opec cuts will remain in force for the whole of 2000, shoring up buoyant crude prices. The cuts were scheduled to expire at the end of March 2000. February Brent future jumped 23 points to $25.04 a barrel, close to the nine-year high set in December 1999.

Commodity & service prices, Saudi Arabia

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OPEC: OIL OUTPUT COULD BE SET TO RISE

Article Abstract:

It is thought that the Organisation of Petroleum Exporting Countries (Opec) is contemplating raising oil production when the members meet on 21 June 2000. Although a deal has yet to be finalised, expectations are for an increase ranging from 500,000 to 1mn barrels a day as pressure from the US increases for an increase in output. Opec stated that it would like to achieve a supply and demand equilibrium although an output increase is far from assured.

Supply and demand

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OPEC: OIL PRODUCTION MAY BE INCREASED ONCE MORE

Article Abstract:

The president of OPEC, Ali Rodriguez, also energy minister for Venezuela, has said that market conditions may prompt a further rise in oil production by the oil exporting countries. OPEC recently agreed to increase quotas by 708,000 barrels per day, with effect from 1 July 2000. The organisation will spend one to two weeks examining the global response to this increase.

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