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| <!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN"> | |
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| <title>28th Meeting Of The Ministerial Monitoring Sub-Committee</title> | |
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| <body background="../../bacground.gif"> | |
| <p align="center"><img src="../../PressReleaselogo.gif" width="499" height="154" name="Image1"> <img src="../../Anniversary_Logogif.gif" width="136" height="138"></p> | |
| <p align="center"> </p> | |
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| <blockquote><!-- #BeginEditable "contents" -->No. 8/2000 <!-- #EndEditable --></blockquote> | |
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| <p align="center"><font size="5"><b><font size="4">Speculation cause of oil market volatility - Ministers</font></b></font> | |
| </p> | |
| <p>Tripoli, 17 July 00 (OPECNA)--Continuous daily speculation | |
| in the futures market is the cause of the current volatility in | |
| the international oil market, it was stated here on Sunday. | |
| </p> | |
| <p>Libyan Secretary of the National Oil Corporation Abdalla | |
| Salem El-Badri and visiting Venezuelan Energy and Mines Minister | |
| Ali Rodriguez Araque said the hike in oil prices was not the | |
| result of market fundamentals. | |
| </p> | |
| <p>The ministers, who met here along with the chairman of the | |
| Venezuelan Presidential Preparatory Commission for the Second | |
| OPEC Summit, Jorge Valero, emphasized their interest in having a | |
| stable oil market, free of any erratic behaviour, which was in | |
| the interest of producers and consumers alike. | |
| </p> | |
| <p>In a press release issued today, the two sides said that, | |
| in order to achieve oil market stability, they would take action | |
| in coordination with other Member Countries of OPEC to | |
| "implement the understanding reached during the last Conference | |
| in June". | |
| </p> | |
| <p> The release said Valero had briefed El-Badri on ongoing | |
| preparations for the OPEC Summit, to be held in Caracas, | |
| Venezuela at the end of September. | |
| </p> | |
| <p>They also discussed bilateral relations and agreed to | |
| strengthen cooperation between the national oil companies of | |
| both countries in the fields of oil and gas. | |
| </p> | |
| <p>Rodriguez is also president of the OPEC Conference, while | |
| El-Badri is Alternate President. | |
| </p> | |
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| <p align="center"><font size="5" | |
| face="Verdana"> </font><a | |
| href="../../news.htm"><font | |
| face="Verdana">Return to Announcements Page</font></a> </p> | |
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