JEDDAH, 4 June 2008 — Crown Prince Sultan, deputy premier and minister of defense and aviation, yesterday reiterated Saudi Arabia’s efforts to stabilize international oil market and blamed political turmoil, the global economic situation and speculators for the unprecedented increase in oil prices.
“The price of oil is determined by various factors, including supply and demand and the level of commercial stockpiles in the consuming countries,” the crown prince said in an interview with Spanish ABC newspaper on the eve of his visit to Spain. “It is also affected by political turmoil and the situation of international financial market and the policies of the consuming countries.”
The Kingdom’s petroleum policy takes into account the interests of both exporting and consuming countries, the crown prince said. “We always work for the stability of the market and for ensuring continuous supplies.”
Prince Sultan said Saudi Arabia wanted to stabilize oil prices to protect the interests of both producers and consumers, and ensure the continuity of global economic growth, notably in the developing countries.
In his wide-ranging interview with the Spanish daily, Sultan also spoke about Iran’s nuclear standoff with the West, the historic peace agreement between Lebanese groups and efforts to establish peace in the Middle East.
He said Saudi Arabia has been making efforts to end the confrontation between Iran and Western countries on its controversial nuclear program. “We have repeatedly reiterated the importance of making Middle East, including the Gulf region, free from the nuclear weapons and the weapons of mass destruction. We have called on all countries of the Middle East to respect the international conventions for preventing proliferation of nuclear weapons,” he said.
However, the Saudi crown prince pointed out that it is the right of every country to acquire the nuclear technology for peaceful purposes. “But that should be done in accordance with the measures and procedures of the International Atomic Energy Agency (IAEA) and under its supervision, because acquisition of any of the countries of the region of a nuclear weapon constitutes a threat to the security and peace in the region,” he said.
Prince Sultan commended the efforts exerted by Qatar and the Arab League in concluding a peace agreement between the Lebanese government and opposition groups. He said Saudi Arabia has always worked to help the Lebanese people overcome their differences.
He also spoke about the continuing economic, political and social reforms in the Kingdom. He referred to the increase in the number of Shoura (Saudi Arabia’s appointed consultative body) members from 60 to 150, the holding of municipal elections in 2005 (where half of the Kingdom’s municipal council members were elected by male Saudi voters) and the efforts of King Abdul Aziz Center for National Dialogue in promoting a culture of dialogue among Saudis.
Prince Sultan urged the international community to put pressure on Israel to accept the Arab Peace Initiative, which was originally proposed by King Abdullah. “This initiative, with its comprehensiveness, remains the base for all Arab efforts toward realizing peace in the Middle East,” he said.
He condemned Israeli atrocities against the Palestinian people. “Israel has been following unilateral policies and violating all international laws and human rights through building and expanding the settlements, building a wall and imposing collective penalties on the Palestinians, leading to deepening the humanitarian suffering of the Palestinian people in the West Bank and Gaza strip,” he said.
Prince Sultan highlighted the strong relations between Saudi Arabia and Spain. “The Kingdom is keen on further enhancing bonds of friendship through exchange of views and cementing cooperation in various domains,” he said. “My visit to Spain confirms the depth of relations between Riyadh and Madrid, and the observer of the history of relations between our two countries can notice the growth of these relations in all arenas, notably at political, economic and cultural domains. We view Spain as a friendly country, and we continuously work to enhance the bonds of this friendship through exchange of views and intensification of cooperation in all areas.”
