Saudi Arabia reduces petroleum exports to US, Europe
Saudi Arabia-Regional, Economics, 1/15/1999

Saudi Arabia reduced its petroleum exports by varying amounts to the United States, Europe and Japan for February, while an expected urgent meeting the OPEC organization to be held on February is still controversial.

Saudi officials said that Saudi Arabia reduced its petroleum exports destined for its agents in the US and Europe by between 10 and 15 percent.

Meanwhile, Kuwaiti Minister of Petroleum Masoud Naser al-Sabah said he is going to communicate with his counterparts in OPEC to call for convening an urgent meeting of the organization in February as an attempt to strengthen the prices of petroleum, expressing his hope that it would be in the middle of February.

He also warned of the possibility that either producers act immediately or the price will fall to as low as $5 per barrel.

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