RIYADH, 25 October 2004 — Saudi Arabia has assured the International Monetary Fund (IMF) that Riyadh is keen to maintain oil market stability as world oil prices rally to record highs. Minister of Petroleum and Mineral Resources Ali Al-Naimi said the Kingdom “attaches importance to the stability of global oil markets and is keen to preserve the interests of consumers and producers,” the official Saudi Press Agency said yesterday. Oil prices shot beyond $55 a barrel on Friday on rising fears of a winter fuel supply crunch and robust economic growth in China, the world’s number two user. Al-Naimi met in Riyadh with IMF Managing Director Rodrigo de Rato. The pair also discussed the importance of increasing global investment in the refining sector to meet growing demand.