The oil minister of the United Arab Emirates, Obeid bin Saif al-Nassiri, said Tuesday it was "premature" to talk of a cut or hike in OPEC oil production, in a statement published by the official WAM news agency.
"It is premature to talk of a cut or increase in production by the member states of OPEC," said Nassiri, who underlined that the next meeting of Organization of Petroluem Exporting Countries, planned for March 16 in Vienna, should "study the situation on the oil market and take appropriate decisions."
"Nobody can predict the evolution of prices and we must wait until March," he said, stressing that "if there is a price rise which needs intervention (by OPEC) the appropriate decision will be adopted."
"OPEC is working to preserve the price of crude and to keep it at reasonable levels, in an equitable manner towards producer countries," said Nassiri, stressing that "the price of $25 dollars per barrel is a reasonable level, even for most consumers."
Saudi Arabia, the world's number one producer wielding strong influence within OPEC along with the Emirates, said Tuesday it was "determined to maintain its oil policy that aims to guarantee equilibrium on the global market in a manner that preserves the interests of producer and consumer countries."
During a meeting chaired by King Fahd, the Supreme Petroleum Council, whose job is to set out the "oil and mineral strategy" for the country, said that Riyadh was working to "guarantee the continuing supply of oil at reasonable prices."—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)
