OPEC Output To Stay Steady

Wednesday, May 10, 2000
OPEC President and Venezuelan Energy Minister Ali Rodriguez dismissed another increase in crude oil output in July, quelling speculation that a recent price spike could pressure exporters to crank out more oil. Asked ahead of a Wednesday meeting with his fellow oil ministers from Saudi Arabia and non-OPEC Mexico if production would be raised in July, Rodriguez replied "no." Mexico's Energy Minister Luis Tellez, meanwhile, said the Wednesday summit of the oil trio -- the three engineers of a March 1999 producers' pact to restrict output and lift sagging prices -- would not produce any firm action.

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