KUWAIT SAYS NO PLANS FOR EMERGENCY OPEC TALKS

INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE

Saudi riyal interbank deposits were
steady at yesterday's higher levels in a quiet market.
    Traders said they were reluctant to take out new positions
amidst uncertainty over whether OPEC will succeed in halting
the current decline in oil prices.
    Oil industry sources said yesterday several Gulf Arab
producers had had difficulty selling oil at official OPEC
prices but Kuwait has said there are no plans for an emergency
meeting of the 13-member organisation.
    A traditional Sunday lull in trading due to the European
weekend also contributed to the lack of market activity.
    Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct
after quotes ranging between seven, six yesterday.
    One, three, and six-month deposits were quoted unchanged at
6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
    The spot riyal was quietly firmer at 3.7495/98 to the
dollar after quotes of 3.7500/03 yesterday.
 REUTER

SAUDI ARABIA REITERATES COMMITMENT TO OPEC PACT

SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD

Deputy oil ministers from six Gulf
Arab states will meet in Bahrain today to discuss coordination
of crude oil marketing, the official Emirates news agency WAM
reported.
    WAM said the officials would be discussing implementation
of last Sunday's agreement in Doha by Gulf Cooperation Council
(GCC) oil ministers to help each other market their crude oil.
    Four of the GCC states - Saudi Arabia, the United Arab
Emirates (UAE), Kuwait and Qatar - are members of the
Organiaation of Petroleum Exporting Countries (OPEC) and some
face stiff buyer resistance to official OPEC prices.
 Reuter

GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN

Saudi Arabian Oil Minister Hisham Nazer
reiterated the kingdom's commitment to last December's OPEC
accord to boost world oil prices and stabilize the market, the
official Saudi Press Agency SPA said.
    Asked by the agency about the recent fall in free market
oil prices, Nazer said Saudi Arabia "is fully adhering by the
... accord and it will never sell its oil at prices below the
pronounced prices under any circumstance."
    Saudi Arabia was a main architect of December pact under
which OPEC agreed to cut its total oil output ceiling by 7.25
pct and return to fixed prices of around 18 dollars a barrel.
 Reuter