2003 News Story

SCPM reaffirms Kingdom's policy on stable oil prices

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz, who is also Deputy Chairman of the Supreme Council for Petroleum and Minerals (SCPM), today chaired a meeting of SCPM attended by Second Deputy Prime Minister, Minister of Defense and Aviation and Inspector-General Prince Sultan bin Abdulaziz. SCPM Secretary-General Dr. Mutlab Al-Nafeesah reported that the Council reviewed efforts by oil exporters inside and outside the Organization of Petroleum Exporting Countries (OPEC) to stabilize the global petroleum market. The Council expressed its satisfaction over the balance between supply and demand at OPEC's benchmark prices; and reaffirmed the Kingdom's desire to cooperate with other producers to ensure the interests of oil consuming as well as oil producing countries. The Council also reviewed recommendations submitted by Minister of Petroleum and Mineral Resources Ali Al-Naimi, and authorized him, after approval by the Shura Council and the Council of Ministers, to sign the agreements on exploration and production of non-associated gas in the southern part of the Rub Al-Khali (Empty Quarter) between Saudi Aramco and foreign oil companies.