Norwegian oil minister due in Saudi Arabia : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Subject : Norwegian oil minister due in Saudi Arabia Date : Tue, 11 Jan 2000 8:50:17 PST From : (AFP) RIYADH, Jan 11 (AFP) - Norwegian Oil and Energy Minister Marit Arnstad is due in the world's largest oil producer, Saudi Arabia, later this month for a three-day visit focused on production levels, diplomatic sources said Tuesday. In the first such visit by a Norwegian oil minister to the kingdom, starting January 25, Arnstad will discuss the situation on the oil market and ways of guaranteeing the stability of crude prices, one source said. "Riyadh and Oslo will restate their pledges to maintain production levels in a way that guarantees the stability of oil prices," he said. Saudi Arabia joined other OPEC and non-OPEC producers in cutting some 2.1 million barrels per day (bpd) from total production from April last year. The kingdom cut output by 585,000 bpd to a new level of 7.44 million bpd. Norway, which is not a member of the Organisation of Petroleum Exporting Countries (OPEC), is the world's second largest crude oil exporter, taking nearly three million barrels from beneath the North Sea each day. It also joined last year's cuts, and last month said it would extend its reduction of 200,000 bpd through the first quarter of 2000. OPEC's major players, including Saudi Arabia, have all said the cuts should remain in place until at least the agreed deadline, which also coincides with the cartel's next scheduled meeting in March this year.

-- Rick (, January 12, 2000

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