mexnews: Mexico Won't Cut Oil Production Via NY Transfer News * All the News That Doesn't Fit source - Milt Shapiro The Associated Press - Oct. 29, 2001 Mexico Won't Cut Oil Production MEXICO CITY, Oct 29 (AP)--Mexican President Vicente Fox has said his country has no plans to cut oil production, and reaffirmed Mexico's independence from the Organization of Petroleum Exporting Countries. Venezuelan President Hugo Chavez met with Fox in Mexico Friday to push Chavez's plan for a 1 million-barrel per day cut to increase prices. But Fox told reporters Sunday "there will be no production cut at this moment" by Mexico's state-owned oil company, Pemex. Chavez told reporters Friday the least he was hoping for was a commitment from non-OPEC producers to freeze their production if OPEC decides to cut quotas at its meeting Nov. 14 in Vienna. But Fox said he made no such commitment. He said Mexico's position is to seek a "fair" price for crude, which has fallen significantly in the past six weeks. "We are following our strategy. At the moment we are fine at the current level. When we think it convenient to do something different, we will. We are keeping our freedom on this," Fox said. Pemex is currently producing about 3.2 million barrels a day, of which it exports 1.65 million, mostly to the U.S. Mexico's export crude slipped below $16 a barrel last Thursday its -- lowest level this year. Oil prices fell sharply following the Sept. 11 terrorist attacks in the United States. "We don't want prices so high that they weaken economies or economic development. Nor do we want prices so low that they leave producers without the corresponding income," Fox said. He added that Mexico, a non-OPEC producer, would attend next month's OPEC meeting as an observer "without a voice, and without a vote." (c) Copyright 2001 The Associated Press ================================================================= NY Transfer News Collective * A Service of Blythe Systems Since 1985 - Information for the Rest of Us 339 Lafayette St., New York, NY 10012 http://www.blythe.org e-mail: nyt@blythe.org ================================================================= nytenv-11.01.01-22:51:47-30501