Saudi: OPEC Will Try to Ensure Oil Supply
Posted on: Tuesday, 1 June 2004, 06:00 CDT
BEIRUT, Lebanon - Saudi Oil Minister Ali Naimi said Tuesday that OPEC would do "its best" to ensure that crude supplies are adequate to meet global demand, as prices surged in early trading on oil markets in London and New York.
"OPEC will do its best to make the fundamentals right," Naimi told reporters on arriving at a Beirut hotel ahead of talks Thursday with his counterparts from the Organization of Petroleum Exporting Countries about a possible increase in oil production.
Markets have been rattled by the weekend attacks at an oil hub in Saudi Arabia that left 22 people, including several Westerners dead. The attacks added to fears about the security of oil supplies from Saudi Arabia, the world's largest exporter.
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