Saudi Oil Minister Ali Al-Nuaimi will shortly visit Moscow in a bid to win Russian support for OPEC moves to reduce world oil supplies and boost sagging prices, Al-Hayat newspaper reported Sunday, October 28.
The Saudi-owned daily said Nuaimi's trip, part of contacts between OPEC members and independent producers, would take place before the next ministerial meeting of the oil cartel in Vienna on November 14.
Nuaimi and oil ministers from the United Arab Emirates, an OPEC heavyweight like Saudi Arabia, and non-OPEC state Oman met Saturday and said the cartel would further reduce oil production to try to force up prices.
Moscow, the world's leading non-OPEC producer, appeared on October 22 to rule out the option of cutting its own production. Russia is already due to join a meeting of OPEC experts in Vienna on Monday, with plenty of motivation to boost its own production even further in a bid to finance local reforms.
Industry analysts say Russia, the world's third-largest oil producer, is on the verge of becoming the top exporter outside OPEC. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
