OPEC-Algeria lead
ALGIERS, July 8 (AFP) - Achieving market stability is the main objective of the Organisation of Oil Producing Countries (OPEC), the body's president, Ali Rodriguez, said Saturday at the opening ceremony of a meeting attended by 11 OPEC representatives in Algiers.
"OPEC's response has to be clear: market stability is our main objective," Rodriguez said, citing "pressure" from industrialised nations to "preserve their interests."
"We have to avoid volatility by seeking a point of equilibrium that is good enough for development of the industrialised and developing nations," he said.
Last month OPEC members agreed to a modest production hike of 708,000 barrels per day and to pump more oil into the market if the average price of crude remained above 28 dollars a barrel for 20 working days.
The accord went into effect July 1.
ao-mjp/jlr/sa
© 2000 Mena Report (www.menareport.com)
