Minister of Petroleum and Mineral Resources Eng Ali Al-Naimi has highlighted the outcome of OPEC's conference, which ended its deliberations here on Friday. In a press statement following his meeting with Egyptian President Hosni Mubarak today, Al-Naimi said the conference of OPEC was one of the most successful conferences ever held by the oil cartel. 'OPEC is keen on adopting a moderate stance and preserving stability at the oil market as well as on a just price that serves the interests of both consumers and producers', he elaborated. Al-Naimi pointed out that the decision of reducing oil production aims at the preservation of balance at the oil market. He expected that prices of oil would start to rise effective Monday, Dec 13. Al-Naimi said OPEC member states produce only 40 percent of the world oil production, while the non-OPEC member states produce 60 percent of the total world oil production. 'This means that OPEC does not have the upper hand on the oil prices, but it is capable of playing an effective role as regards containing fluctuation of the oil prices', he added.
