The Third OPEC Summit: A report from the field ///

The first and second Summits were held in 1975 and 2000. So with this Third Summit, it was natural to ask the question, “Why now?” As distinguished from a regular meeting, the infrequent Summits are held because of some overriding need or event. Ostensibly, this Third Summit was called for the three official themes, which were: providing petroleum, promoting prosperity, and protecting the planet. However, near-$100 oil prices occupied much of the discussion. The two-day Summit, held in Riyadh, was preceded by a two-day Ministerial Symposium, which was much more about nuts and bolts, and practical, than the Summit, which was political and came with a promise not to make any of the usual supply decisions. The Summit. Saudi Oil Minister Ali Al-Naimi said, “The prices today have really no relation to the fundamentals.” He said that Saudi Arabia had an output capacity of 11.3 million barrels a day...

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