Oil price rises following ministerial meeting

09/06/1999
The oil ministers of Mexico, Saudi Arabia, and Venezuela agreed to maintain their accord on oil production cutbacks until the end of March 2000, following a meeting in Caracas on Aug. 28.The output restraint of these countries and others has prompted a long-awaited rebound in world oil prices in recent months, and the ministers are clearly hesitant to respond too quickly to the price recovery by raising production, lest that response cause the market to swing in the opposite direction.Oil markets around the world responded positively to the reaffirmation of reduced output levels. In New York trading on Aug. 30, light sweet crude for October delivery rose 74?/bbl to settle at $22.01/bbl, w...
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