VOL. XLI

No. 26

29-June-1998

SAUDI ARABIA

Saudi Arabia's Naimi Hails New OPEC Production Cutback Accord And Takes A Look IntoThe Future

Saudi Arabia's Oil Minister Ali al-Naimi has hailed the new output reduction accordreached by OPEC Oil Ministers in Vienna on 24 June as a striking success for an"approach based on persuasion, logic and reason - not confrontation." Under theVienna deal, the OPEC members committed themselves to increase the production cutbackspledged since last March by a further...