OPEC will trim output only if non-OPEC producers cut

Ministers of the Organization of Petroleum Exporting Countries agreed Nov. 14 to cut their oil production quotas by 1.5 million b/d by Jan. 1, 2002, but only if non-OPEC producers also reduce their combined output by 500,000 b/d so as not to infringe on the cartel's market share.Otherwise, Ali al-Naimi, Saudi Arabia's oil minister, indicated that his country was ready to unleash its oil production capacity in another price war for control of world markets. He was quoted as saying at that meeting, "You know what happened in 1985 and 1986" when Saudi Arabia flooded the markets with oil and pushed prices below $10/bbl to dry up non-OPEC supplies that cost more to produce.In his openi...

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