2003 News Story

Saudi Arabia Strives To Keep Oil Market & Prices Stable
Significant Efforts Underway to Ensure World Oil Supply Is Maintained Despite Possible Disruptions

(Riyadh, Saudi Arabia) – The Kingdom of Saudi Arabia is undertaking a number of significant actions to ensure the world’s oil supply does not run short in the event of military action in Iraq.  Furthermore, Saudi Arabia is committed to keeping oil prices and the market as stable as possible despite disruptions that may arise in the coming weeks and months.

Saudi oil minister Ali al-Naimi stated: "We will make sure there is enough oil in the market.  We have plenty of spare capacity.”

Saudi Arabia has taken actions to increase production capacity and store oil supplies. 

In the event of any market disruptions, al-Naimi said, “ we are confident that OPEC in general and Saudi Arabia in particular will deliver.”