Crown Prince Sultan bin Abdulaziz addressed a gathering held by the U.S.-Saudi Arabian Business Council in New York September 14. He began by extending his condolences to the American people for the losses incurred by Hurricane Katrina. Crown Prince Sultan said the Kingdom has forged an oil policy reflecting the utmost responsibility towards the world economy. He remarked that Saudi Arabia shares the global concern over rising oil prices, and confirmed that the Kingdom is ready to do its best to ease the consumption shortage and meet demand.
Crown Prince Sultan said that the Kingdom has increased production to 11 million barrels per day and will gradually increase output to 12 million barrels a day by the year 2009. He also underscored the importance of dialogue between producing and consuming countries for the sake of achieving stability in international oil markets, as well as the importance of an enhanced role for the Energy Forum.
He added that the Kingdom has launched an economic reform program designed to rationalize spending, develop the country’s infrastructure, update education and training, lower its national deficit and increase spending on vital areas such as health care and other programs to upgrade the standard of living for its citizens.