OPEC's head calls on non-member states to reduce production
Regional-United Arab Emirates, Economics, 10/12/1998
The current head of OPEC (the Organization of Petroleum Exporting Countries) the United Arab Emirates' petroleum minister, Ebid Ben Sief El-Naseri called on non-member states in the organization to reduce their production of petroleum in order to raise the prices of petroleum.
Speaking before inaugurating the fourth annual conference for Middle East gas summit in Abu Dhabi, El-Naseri confirmed the necessity that all member states in the organization should agree upon reducing petroleum production, stating that it is not to any one country's benefit to reduce its production while other countries continue production at the same rates.
Meanwhile El-Naseri pledged to pursue efforts to reach an agreement between members of OPEC during its coming meeting in Vienna on November 25, adding that all options should be allowed in the coming meeting to examine the prices of petroleum.
UAE, Kuwaiti, Algerian, Iranain and Omani petroleum ministers discuss measures to improve prices
Libya increases its oil production
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