Austria: OPEC Oil Ministers Arrive For Meeting In VIenna To Discuss Second Output Cuts In Three Months
Record ID:
3999
Austria: OPEC Oil Ministers Arrive For Meeting In VIenna To Discuss Second Output Cuts In Three Months
- Title: Austria: OPEC Oil Ministers Arrive For Meeting In VIenna To Discuss Second Output Cuts In Three Months
- Date: 17th June 1998
- Summary: OPEC producers hit by low oil prices have been assembling in Vienna to approve their second output cuts in three months to try to raise markets crippled by surplus crude. The OPEC Gulf Arab elite of Saudi Arabia, Kuwait and the United Arab Emirates were the first into Vienna on June 22, with Kuwait seeking bigger cuts than planned to shock prices back to life. "A shock is what the market might need, because the situation is very bad," said Kuwaiti oil minister Sheikh Saudi Nasser al-Sabah. But his concern drew only a lukewarm response from Latin American heavyweight Venezuela, which suggested the Organisation of the Petroleum Exporting Countries wait and see if the proposed cuts were sufficient to revive the market.
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- Location: AUSTRIA VIENNA ANA
- Reuters ID: LDL00128ZPN53
- Aspect Ratio: 4:3
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- Copyright Holder: Reuters Archive
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