Mexico decided to increase oil production by 150 th. barrels a day

/IRBIS, March 30, 00/ - PRIME-TASS informs, with the reference to ITAR- TASS, that after the decision made on Tuesday in Vienna by OPEC members to increase oil supplies to the world market by 1.45 mln barrels a day Mexico decided to increase its oil exports by 150 th. barrels a day. The minister of energy, mining and state industry of the country Louis Tejes said at the press-conference that this measure, coordinated with other major oil producers, will help to keep the stability on the world oil market and maintain the prices at acceptable levels. He said 150 th. barrel a day, or 4.5% oil exports increase is mainly targeted at trade and economic interests of Mexico and at the compromise exporters are trying to achieve that will maintain economic growth and keep oil prices stable. He assumes weighted average price of Mexican oil exports may reach $16- 20 per barrel by the end of the year. However, he believes $25 per barrel is an acceptable weighted average price for oil on the world market and that this price level will cause demand to grow gradually and allow the producing countries to make profitable investments into the development of the sector.