VOL. XLVII

No 07

16-February-2004

Naimi Stresses Need For Proactive Policy To Forestall 2Q Stockbuild

Saudi Arabian Oil Minister Ali Naimi said on 10 February that OPECs decision to cut overproduction and reduce its output ceiling by 1mn b/d to 23.5mn b/d from 1 April was aimed at forestalling a potentially damaging build in oil inventories. Speaking in an exclusive interview with Walid Khadduri and Bill Farren-Price of MEES, Mr Naimi reiterated OPECs commitment to an average OPEC basket price of...