Mexico Energy Minister Ernesto Martens after a meeting in Caracas on Sunday with Venezuela's Energy Minister Alvaro Silva Calderon, said to reporters, that Mexico has yet to define its position on OPEC's consensus to reduce oil output at its price committee ministers meeting Jan. 17 in Vienna.
Mexico is not an OPEC member, but has always cooperate and coordinated its own output positions with that of OPEC's members.
Mexico is very much affected by the US economy, Mexican officials have in the past waited until after OPEC's official decision has been released before announcing any changes in their policies.
On a question from reporters, Martens said "It will depend on the market prices on that moment and also in the economic impact the recent US Federal Reserve Bank has had on the global economy, to decide on our output policies"
"Our position is to listen to OPEC analysis of the market and their decision and according to the Mexican market situation and economics at that moment Mexico will take its own decision," Martens said .
Martens added to a question from Petroleumworld in reference to moment for Mexico to make a decision on the output, that The OPEC's Jan. 17 meeting will be key to decided on Mexico production.
OPEC members appear to have agree to a cut oil production in 2.0 million barrels per day and will make the decision on their price committee meeting on Jan. 17 .
By Elio Ohep
© 2001 Mena Report (www.menareport.com)
