The Saudi oil minister said on Monday that the Organization of Petroleum Exporting Countries (OPEC) will announce a cut in oil production at its meeting later this month. Ali Al Nuaimi said that OPEC's decision to reduce output would be based on current and forecast oil inventories over the next months. He said the cut will aim to keep prices near 25 dollars a barrel.
A statement said Al Nuaimi, Venezuelan energy minister Alvaro Silva and Mexican energy minister Ernesto Martens met in Riyadh to exchange views on the petroleum market. The three countries are key oil producers and their talks come ahead of OPEC's meeting in Vienna on March 16.
The OPEC meeting was expected to agree a production cut to prevent oil prices from falling during the second quarter of the year when demand is usually low. Saudi Arabia, the world's largest oil producer and exporter, and Venezuela are two key members of OPEC. Mexico is not a member.
Bureau Report