“They’re not disturbed by the fall, if you will, in the
value of the dollar,” Prince Turki said in response to questions after a speech
on energy security at Rice University.
He based his comment on statements by Saudi officials in
recent days as “official policy.”
Turki declined to predict the direction of oil prices and
deflected a question from Reuters whether Saudi Arabia would increase
production if oil prices passed $90 a barrel. Light sweet crude in New York
settled at $87.81 Thursday.
“The market seems to be working quite well. We’ve reached an
equitable base pricing for everybody, let it go along at that,” Turki said,
repeating previous Saudi comments that $70 to $80 a barrel is a satisfactory
price range.
“If it goes up, we will work together to bring it down. If
it goes down, hopefully we will work together to bring it up to meet the
satisfaction of producers and consumers,” Turki said.
The prince focused his prepared remarks on the US push for
energy independence, arguing that the recent oil spill in the Gulf of Mexico
shows the risks of looking for oil in extreme environments.
“While independence may be the idea that pushes us to new
horizons, in order to arrive at those horizons and take the greatest advantage
of what we find there, it is interdependence that matters most,” Turki said.
“Saudi Arabia remains, without question, one of the safest
sources,” he said.
Turki called for greater transparency and more reliable data
on all nations energy production and consumption, and he expressed support for
regulation to allow markets to work without too much volatility.
A less adversarial relationship between oil producers and
consumers will facilitate a transition to more varied sources of energy that
all nations, including Saudi Arabia, will need in the future, Turki said.
“We are all in this together. The discussion should be how
we can all get through it together,” Turki said.
