RIYADH, 21 April 2006 — Minister of Petroleum & Mineral Resources Ali Al-Naimi will join over 65 ministers of oil producing and consuming countries tomorrow in energy talks amid heightened worries about soaring oil prices and their impact on world economic growth. The high-profile talks to be held in Doha, called “the Seventh International Energy Forum”, will be organized by the Riyadh-based International Energy Forum Secretariat.
Arne Walther, secretary-general of the International Energy Forum, said that the Saudi delegation, to leave for Doha today, would also include other high-ranking officials. Walther said that this energy dialogue would be formally opened by Qatari Emir Sheikh Hamad Ibn Khalifa Al-Thani, while Swiss President Moritz Leuenberger would make a keynote speech. The talks will also be attended by a large number of chief executives of leading oil companies from 55 countries.
According to reports reaching here, the topics of discussions on the IEF agenda are likely to be overshadowed by the urgent need to explore ways of bringing down record oil prices. Oil raced to an all-time high above $74 a barrel this week as Iran defied world pressure to halt its nuclear program, a quarter of Nigeria’s output lay idle after rebel attacks and Iraq’s once significant oil industry was mired in crisis, according to reports.
On the other hand, the Organization of Petroleum Exporting Countries has maintained that the oil market is well-supplied and that high prices are not the result of shortages, but the consequence of geopolitical risks related to the current standoff between Iran and the US. The IEF meeting in Doha is also set to feature an informal meeting of the OPEC member states, said the reports
Referring to the IEF agenda, Walther said that a business forum, to be attended by oil ministers and CEOs of major oil companies, would be held on April 22 while the ministerial forum has been slated for April 23 and 24. The theme of the forum is “Fueling the future — energy security, a shared responsibility”. He said that the modes of cooperation between all the players and the measures necessary to achieve market stability would be top on the agenda.
