World petroleum prices should decrease by at least 10% - Petroleum Minister of Saudi Arabia

/PRAJM-TASS, Feb.16, 00/ - The World petroleum prices should decrease by 10% minimum to provide a stable world economy growth. As Bloomberg informs, such statement was made by the Saudi Arabia minister of petroleum Ali al'-Naimi. As he said, the last 6 months price level is justified. His statement should support one made earlier with Mexico and Venezuela concerning necessity of petroleum production increase. Ali al'-Naimi has noted that oil producing countries will oppose to the supply and demand misbalance. Among OPEC countries there is no uniform opinion concerning production limitations. So Kuwait has declared that it will adhere to the established quotas. However as a whole OPEC quotas observance has decreased from 81% in June 1999 to 63% in January 2000. For example, Saudi Arabia has increased production for the last 6 months by 350,000 barrels - to 7.8 million barrels per day in January 2000. The petroleum market experts believe that the prices can by reduced to 25 dollars / barrels or less only at the expense of production increase.