CARACAS: Saudi, Iran, Libya, Algeria back OPEC

Via NY Transfer News * All the News That Doesn't Fit

reuters via WorldOil.com - Oct 23, 2001

http://www.worldoil.com/news/newsstory.asp?ref=http://62.172.78.184/feeds/worldoil/new/article_e.asp?energy24=243130

Saudi, Iran, Libya, Algeria back OPEC cut - Chavez.

Saudi Arabia, Iran, Libya and Algeria have backed a Venezuelan
proposal to cut OPEC oil production if necessary, Venezuelan
President Hugo Chavez said in a taped message broadcast in Caracas.

"If necessary, we will make a fresh cut in oil production," said
Chavez, speaking from Tehran which he visited at the weekend. "We are
ready to do it, so is Saudi Arabia, so is Iran and Algeria and Libya,
too."

The Venezuelan leader said he was sure all OPEC members would sign up
to a cut in production in order to prop up sliding oil prices.

"But we're putting details to the plan, moving towards taking
decisions," Chavez added.

"This is a fundamental element to recover stability in the market
because consumption has fallen and at the same time, there is an
oversupply of approximately 1 million barrels per day (bpd)," the
Venezuelan leader said in his pre-recorded statement broadcast by
state television in Caracas. - Reuters
 
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