Three OPEC oil ministers meet in Riyadh

A tripartite ministerial meeting that included the minister of oil and mineral resources in Saudi Arabia, Ali al- Nueimi, Mexican Secretary of Energy Luis Tellez Kuenzler and his Venezuelan counterpart, Ali Rodriguez Araque, was held on Wednesday in Riyadh, during which the three ministers exchanged viewpoints on the condition of the world oil market and evaluations of common efforts taken by the three countries in collaboration with other oil-producing countries to maintain the stability of the oil market.

In a joint statement following the meeting, the three ministers expressed their full satisfaction over the positive results of cooperation among the oil-producing states, the extent of their adherence to agreed-upon reductions in world oil reserves and the increased oil prices. They stressed their countries' unchanged stands in adhering to the agreed-upon reduction in oil production until March 2000 to achieve the set balance for the world oil market.

In their statement, the three ministers called on oil-producing countries inside and outside OPEC to continue committing themselves to the agreed-upon reductions and to, at the same time, preserve gains through achieving close cooperation among them to maintain durable stability for the oil market.