2002 News Story

Oil minister gives assurances of continued supply

Speaking in Oxford in the United Kingdom, Minister of Petroleum and Mineral Resources Ali Al-Naimi has assured the world of the Kingdom's ability to continue supplying its needs for oil, and of the excellence of relations between oil producers and oil consumers. Recalling lessons learned over the past 25 years, and advising caution when predicting the future, with some people warning of major oilfields drying up and prices rising to as much as $100 per barrel, he pointed out that new technologies can exploit resources in difficult areas and stressed that oil prices are determined by the market, with no single country, power or cartel able to determine how that market will go. He went on to remark that due to the growth of the global economy and the increase in the world's population, demand for oil is continuously rising, adding that drastic drops or dramatic hikes in oil prices are never in the interest of either producers or consumers.