UAE, Kuwaiti, Algerian, Iranain and Omani petroleum ministers discuss measures to improve prices

The ministers of petroleum in the United Arab Emirates, Kuwait, Algeria, Iran and Oman concluded a coordination meeting yesterday evening in Kuwait, where they discussed the current situation in the petroleum markets, a Kuwaiti source said.

A statement was released after the meeting saying that the ministers agreed upon continuing the cooperation between them and other petroleum-producing countries, to examine the petroleum markets and take measures to improve the level of current prices, including additional reductions in production.

The meeting is being held prior to the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in October in Geneva.

The statement added that the ministers confirmed the necessity of supervising the petroleum markets with the aim of bringing stability back to these markets and the importance of abiding by output reductions which they agreed to previously between the OPEC countries and the other petroleum-producing countries in order to achieve the possible benefits of those reductions (ie improve pricing).