1999 News Story

Council of Ministers meeting

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah Bin Abdul

Aziz today presided over the regular weekly meeting of the Council of Ministers and

expressed satisfaction at the success of the Organization of Petroleum Exporting Countries

(OPEC) and others outside the cartel that cooperated with them by adhering to the

prescribed production quotas, a move that led to equilibrium in oil prices and positive

results for the global economy.  The Crown Prince went on to say that maintaining this

balanced level should remain the responsibility of OPEC and other major oil producers, and

confirmed the Kingdom's concern and efforts in this matter to ensure equilibrium for the

benefit of both producers and consumers.

Turning to international affairs, notably the latest escalation between India and Pakistan,

Crown Prince Abdullah called on the two parties to exercise self-control and resolve their

differences by peaceful means and direct dialogue, prudently and in moderation.
On Gulf Cooperation Council (GCC) matters, Crown Prince Abdullah announced that the Kingdom

would put into effect a resolution passed at the summit meeting in Abu Dhabi last December,

concerning amended regulations covering ownership of stocks and wholesale trading within

the GCC.
In domestic matters, Crown Prince Abdullah expressed satisfaction at the preparedness of

the various levels of the Kingdom's educational sectors to receive students, both male and

female, for the new academic year. The cabinet then authorized the Minister of Foreign

Affairs or his representative to sign the protocol related to the international agency

concerned with protection of the seabed.