OPEC Calls Key Committees on Prices, Production
OPEC, acting to deal with the threat of a new glut and sliding crude oil prices, today called meetings for Sept. 7 of key cartel committees that monitor production and prices.
The president of the Organization of Petroleum Exporting Countries, Oil Minister Rilwanu Lukman of Nigeria, said the talks will be at OPEC headquarters in Vienna.
His announcement followed a sharp drop in oil prices in recent weeks. (Story, Page 5.)
“I have already asked the secretariat in Vienna to convene a meeting of the Committee of Five (Saudi Arabia, Indonesia, Venezuela, Algeria and Nigeria) and the Committee of Three (Indonesia, Venezuela and Nigeria) for Monday, 7th Sept., 1987,” Lukman told a news conference.
The committee of five monitors spot oil price movements and the committee of three is designed to ensure OPEC members’ compliance with production quotas.
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