Minister of Foreign Affairs Prince Saud Al-Faisal, in remarks to the Baker Institute for Public Policy in Houston, warned of the danger high energy costs can cause the global economy. Addressing the problem of high oil prices requires the construction of additional refineries and the expansion of existing ones, the standardization of fuel specifications, and pursuit of stability in the Middle East, particularly a resolution of the Israeli-Palestinian conflict, to prevent unhealthy market speculation, he said.
Saudi Arabia has a proven record of meeting its oil production commitments, even during the most volatile times, he pointed out.
Prince Saud stressed that a balance must be struck between oil exploration and preserving the environment, and called for increased research in this field. He also said that the Kingdom is ready to join others in developing environmentally responsible, sustainable uniform regulations that also offer the most effective energy utilization.
Full text of Prince Saud's remarks