Crown Prince Abdullah’s Foreign Affairs Advisor Adel Al-Jubeir has made the following statements in Washington DC regarding OPEC and world oil markets:

• “We are determined and we are committed to providing enough oil to satisfy demand for crude oil.  Our oil production has been increased to more than 9 million barrels.  We have signaled to our customers that if they need additional barrels we will make them available.  We are working with other OPEC countries to ensure stability in the oil markets, and we will do whatever we can to make sure that there is no shortage of crude oil.”
• “If prices are too high, customers are hurt, economic growth slows, demand for crude oil slows, and the world economy is damaged.  This, in the long run, also hurts producers, who are part of the world economy.   If the price is too low, the reverse occurs: Producers are hurt financially, consumption accelerates, demand skyrockets and we set ourselves up for another shortage.  That is why, we believe, prices have to be at a moderate level that does not hurt consumers or producers.  We believe that level is in the $22-to-$28 range for the basket of OPEC crude, and we are working to bring it to that level.”
• “Our policy over the last 30 years has been to ensure adequate supply of crude oil at moderate prices. That is what we are working towards.  Today we are seeing $42 oil.  This price is clearly too high.  It is clearly not acceptable, and we are determined to do whatever we can, in conjunction with the other OPEC countries to bring it down.” 

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