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Saudi Arabia, Mexico, Venezuela to Coordinate Energy Policies
Energy Ministers of Saudi Arabia, Mexico and Venezuela are scheduled to meet in Geneva on Sunday to coordinate their energy policies in order to stabilize world oil prices, announced Venezuelan Minister of Energy and Mines Alvaro Silva on Friday.
Silva told reporters that the upcoming meeting of the three ministers will also analyze the possible contribution by producers outside the Organization of Petroleum Exporting Countries (OPEC) to stabilizing oil prices.
"The members and non-members of the OPEC need to cooperate to maintain the oil prices through cutbacks or other mechanisms," Silva said.
"We want to tighten links with non-OPEC countries, which share the organization's policies," Silva added.
Silva pointed out that Venezuela has proposed that Mexico, Russia, Norway, Oman, Angola and Kazakhstan attend the ordinary and extraordinary meetings of OPEC.
OPEC has cut its daily crude production by 3.5 million barrels so far this year as a measure to prop up oil prices on the world market.
Venezuela, Saudi Arabia and other OPEC members, and Mexico have promoted oil reduction since 1999 when prices had fallen below 10 U.S. dollars.
Their common strategy did help push the oil prices above 30 dollars in the third quarter of 2000. However, oil prices started to fall again in December due to the contraction of the U.S. economy, experts said.
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