2003 News Story

Oil minister gives assurances of stability of market

Minister of Petroleum and Mineral Resources Ali Al-Naimi, in an address today at the 10th International Caspian Oil and Gas Exhibition and Conference currently in progress in Baku, Azerbaijan, gave assurances that those countries that produce oil are carrying out an important role, and that relationships among them are on "sound footing", declaring: "Oil is still the indispensable fuel for today's ever-industrializing world and it will certainly not relinquish its primary position over the next three decades at a minimum." He went on to affirm that non-OPEC countries are not a threat to OPEC, and that all oil-producing countries are working together for market stability.