Egypt refuses to reduce petroleum production

Hamdi El-Banbi, the Egyptian minister of petroleum, confirmed yesterday in Damascus during the meetings of Arab energy ministers that Egypt refuses to make new reductions in the production of Egyptian petroleum, confirming Egypt's incapability to go less than the current rate of production aiming at increasing the prices of petroleum universally.

Banbi added that Egypt has already reduced its production.

Meanwhile Syria took a position different from Egypt where Mohammed Maher Gamal, the Syrian minister of petroleum, announced that his country will discuss the matter of reducing its production if the OAPEC (Organization of Arab Petroleum Exporting Countries) members demanded that step, confirming that Syria will not take the step individually.

Meanwhile, Ali Bin Ibrahim El-Naimi, the Saudi minister of petroleum and mineral wealth, confirmed that the Arab Energy Conference is discussing the possibility of reducing Arab petroleum production to halt the universal reduction of petroleum prices. Then he expressed his hope that the conference will be able to hold discussions and consultations that would help improve and stabilize the Arab petroleum situation.