1998 News Story

Saudi oil minister holds talks with U.S. Secretary of Energy

Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi today met with U.S. Secretary of Energy Federico F. Pena at the Department of Energy Headquarters in Washington, DC.
The meeting began with a cordial exchange of views on the world oil market outlook and the strategic importance of the Arabian Gulf in meeting future world oil requirements.  Both sides recognized the importance of maintaining excess production capacities worldwide, and the orderly and timely utilization of such capacities to achieve market stability, transparency and sustainability.   Secretary Pena explained the procedures, goals, objectives and strategies of the U.S. Comprehensive National Energy Strategy released by the Department of Energy in April 1998.  The goal of ensuring against energy disruptions through different means, including diversifying sources of oil supplies, was explained.

Minister Al-Naimi emphasized the record and commitment of the Kingdom of Saudi Arabia to world oil supply security and the importance it attaches to the U.S. market being the largest world consumer and importer of oil.   Minister Al-Naimi pointed out that the Kingdom of Saudi Arabia's oil policies, its diversified export routes, and the maintenance of excess production capacity at a cost, are intended to enhance world oil supply security.  Both sides recognized the Kingdom of Saudi Arabia's historical relations with respect to oil trade and downstream investment in the U.S. as a vital contribution to supply security.  Secretary Pena stressed the strategic importance of the Kingdom of Saudi Arabia in the world oil market as a dependable, reliable and secure oil supplier to the U.S. and worldwide.
Both sides exchanged views on the future of the climate change negotiations process after the adoption of the Kyoto Protocols, and reiterated their desire to continue the dialogue to reach common understanding on the underlying issues, and to cooperate in research endeavors with respect to technology initiatives for mitigating the effects of greenhouse gas emissions including carbon sequestration and other relevant technologies.