The minister made this statement while inaugurating a two-day symposium to celebrate the 50th anniversary of OPEC’s establishment at the King Faisal Hall here on Monday.

He added that OPEC's decisions — whether they involve production, prices or other issues — are based on precise scientific data developed by the organization's secretariat general along with experts from other member states.

He said the organization focuses on moderated scientific studies and research, publishes numerous studies, organizes symposia and monitors developments in the oil industry. “The symposium we are organizing in tandem with this celebration is only a part of the intellectual brainstorming undertaken by OPEC where ideas will be put forward for open and candid discussion with utmost transparency and in the interest of all parties for the integrity and growth of the global economy.

“The Kingdom is a founding member of OPEC coupled with the fact that it boasts the largest petroleum reserve and the greatest production capacity and the largest oil reserve in the world. The object of the Kingdom is to harness these resources for the service of the people and its future generation. We are also dedicated to adopt a moderate petroleum policy that focuses on common interests, market stability and maximization of returns on the long range rather than immediate and temporary gratification.

“The Kingdom has derived tremendous benefits from its OPEC membership. It has equally done a lot in favor of OPEC interests, whether by maintaining a redundant and exploited production capacity or by operating as a swinging producer depending on the market circumstances in its efforts to stabilize the market," he said.

The two-day event is being organized by the Ministry of Petroleum and Mineral Resources. Prince Abdulaziz bin Salman, deputy minister for petroleum, was also present along with several national and international dignitaries.

Prince Abdulaziz said the Kingdom has played a prominent role in OPEC since its inception. "It has been offering its continuous support to OPEC members and to other oil producing countries to successfully sustain the global oil industry,” he said.

The minister also opened an exhibition on the sidelines of the main event in which a number of companies dealing in oil and energy displayed their products and services. The symposium is part of OPEC’s 50th celebration in Vienna that took place on Sept. 14, 2010.

Abdalla El-Badri, secretary general of OPEC, Mohamed Ali Al-Abalkhail, former finance minister, Hisham Mohieddin Nazir, Saudi ambassador to Egypt, Abdulrahman Al-Tuwaijri, head of the Capital Market Authority (CMA), and a number of delegates and international experts are scheduled to address the conference over the next two days.

The topics that will be taken up for discussion include Saudi Arabia and OPEC: The historical dimension; the Kingdom's role in the current and future of OPEC; relations between OPEC and other international organizations and the future role of OPEC in international oil markets.