RIYADH, 24 March 2008 — Saudi Arabia yesterday reiterated its commitment to stabilize the international oil market by ensuring adequate supply.
The assurance comes after a meeting of the Supreme Council for Petroleum and Mineral Affairs, chaired by Custodian of the Two Holy Mosques King Abdullah.
Crown Prince Sultan, the deputy chairman of the council, and senior Cabinet also attended the meeting, which reviewed world oil market developments. The council referred to the resolution taken by the last OPEC summit in Riyadh in which leaders said they would manage petroleum resources to ensure sustained development and achieve the progress and prosperity of future generations.
“The summit also emphasized OPEC’s role in stabilizing the world energy market and realizing global progress and prosperity,” the Saudi Press Agency said quoting State Minister Dr. Matlab Al-Nafeesa, who is secretary-general of the council.
“The council also emphasized the Kingdom’s desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth,” he said.
The meeting expressed its satisfaction over the progress of work at new investment projects in order to expand oil production and refine capacity, adding that they would contribute to meeting growing world demand.
“The Kingdom will work with OPEC countries, other producers and consuming countries toward oil market stability and to avoid the effect of harmful speculation,” the statement said.
US Vice President Dick Cheney this week visited the Kingdom and discussed oil prices and other major issues with Saudi leaders. Washington hopes OPEC will raise production to help ease prices.
The council also said that the next meeting of the International Energy Forum in Rome would contribute to promote dialogue between producers and consumers and achieve world market stability.
The council also approved Saudi Aramco’s working plan for 2008-2012 and endorsed the oil giant’s annual report for 2006. It also appointed an external auditor for Aramco and its subsidiaries for the years 2007 and 2008.