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Riyadh, Caracas, Mexico Agree OPEC Output Cuts
Saudi Arabia, Venezuela and Mexico Sunday backed the recent OPEC decision to cut production by a million barrels per day from September 1, the Saudi SPA agency reported.
The meeting between Saudi Oil Minister Ali bin Ibrahim al-Nuaimi, Venezuelan Engery Minister Alvaro Silva Calderon and Mexico's secretary of state for energy, Ernesto Martens, was aimed at "pursuing the consultation and coordination between the three countries with a view to guaranteeing the stability of the international oil market." At the end of their meeting, the three men stressed in a statement that the "recent decision of OPEC came at the right moment," SPA said.
"A drop in world demand for crude coinciding with a hike in stocks, the restart of Iraqi exports and a rise in production by non-OPEC countries, have begun to influence prices and unsettle the oil market," they said.
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