OPEC looking at expansion and reform

Aug 11, 1999 02:00 AM

OPEC members will discuss the possibility of expanding the group at the summit to be held here at the beginning of next year, a Venezuelan official said. Bernardo Alvarez, general director of the petroleum sector under the Ministry of Energy and Mines, revealed that expansion of the oil organisation "has already been begun, considering all the work done with Russia, Mexico and Norway".
The OPEC currently groups 11 members, which are Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Venezuelan President Hugo Chavez recently proposed that the OPEC headquarters, which is in Vienna, should be moved at the beginning of next year to Caracas of Venezuela, a leading oil producer in the world.
The initiative was supported by the majority of the OPEC members, the Venezuelan government said. Alvarez vowed that his country would contribute to the transformation of the organisation into one that not only decides oil prices, but also act in other areas of the petroleum sector.

Source: Xinhua via Newspage
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