RIYADH, 10 January 2008 — Saudi Arabia yesterday cautioned against any escalation in the Strait of Hormuz that could lead to an increase in global oil prices. The Kingdom called on all countries in the Gulf, including Iran, to exercise restraint.
“This is a very sensitive area, one which is particularly crucial for the global economy,” said Foreign Minister Prince Saud Al-Faisal at a joint news conference with his Canadian counterpart Maxime Bernier here yesterday. “A small incident has raised the price of oil. This shows the consequences of an action which is not carefully considered. We hope such incidents are not repeated in the future.”
Pentagon officials alleged Monday that Iranian speedboats swarmed three US Navy ships in the Strait of Hormuz over the weekend, radioing a threat to blow them up. Tehran has played down the incident and denied that patrol boats attached to its Revolutionary Guards made any threat to US vessels. The Strait of Hormuz is a vital conduit for energy supplies, with some 20-25 percent of the world’s crude oil requirements passing through it.
Commenting on US President George W. Bush’s remarks that he would ask Gulf leaders to contain the Iranian threat, Prince Saud said Saudi officials would consider any subject raised by the US president. He, however, added that Saudi Arabia, as Iran’s neighbor, was keen that peace should prevail in the region and that no country should show hostility toward another.
“Saudi Arabia is Iran’s neighbor. We are keen that harmony and peace should prevail among states of the region,” he said. “We have relations with Iran and we speak regularly to them. If we sense any threat (from Iran), we will speak to them about it.”
On the reopening of the Saudi Embassy in Bangkok, Prince Saud said: “There are problems between the two countries that have not been resolved. We hope that the Thai government will do what is required to resolve them. Until the issues are resolved, I doubt the embassy will reopen.”
Prince Saud said he and the Canadian minister had discussed a range of subjects, including the situation in Iraq, Lebanon and the Palestinian-Israeli conflict. Bernier said his country was keen to discuss a “full range of bilateral issues” between the Kingdom and Canada.
Bernier lauded Custodian of the Two Holy Mosques King Abdullah’s leadership role citing the example of his Arab Peace Initiative as well as his role in uniting the voices of the Palestinian people.
The Canadian minister said he had met with Commerce and Industry Minister Hashim Yamani yesterday morning as well as with Petroleum and Mineral Resources Minister Ali Al-Naimi to discuss areas where both countries could boost economic ties.
“We have agreed to establish a Saudi-Canadian Business Forum,” said Bernier. “We look forward to hosting it in Canada,” he said. Members of Bernier’s staff called on the chief of the Saudi Human Rights Commission (HRC) and discussed topics of mutual interest. Bernier extended an invitation to Prince Saud as well as to the business community and HRC officials to visit Canada.
As part of his regional tour, the Canadian minister will visit both Israel and the occupied Palestinian territories where he will meet Israeli and Palestinian officials. He reiterated Canada’s commitment to a peaceful solution to the Palestinian-Israeli conflict.
