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OPEC states worry over price drop
Regional, Economics, 3/2/1998
The United Arab Emirates welcomed an urgent meeting of OPEC to discuss methods of halting the deterioration in petroleum prices.
The minister of petroleum and mineral wealth in the UAE, Ubayd Saif El-Nasiri, said unless there is full readiness from member states to abide by the decided production shares, the UAE is ready to hold the meeting immediately.
Kuwait said its government will probably agree to reducing its production if all OPEC member states would reduce production and abide by the decided production portions.
Iraqi Petroleum Minister Amir Rashid said Iraq possesses a production capability estimated at 2.3 million barrels per day, and it is possible that its production will be 2.65 million barrels daily within two or three months if the United Nations provides Iraq with the necessary spare parts to repair its petroleum sector.
Previous Stories:
Gulf countries postpone exceptional meeting of oil ministers
(2/24/1998)
Saudi Arabia concerned over oil price reduction
(2/21/1998)
Gulf states wait and see as oil prices tumble
(1/31/1998)
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