2005 Speech

King Abdullah address at opening of IEFS headquarters
Address by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz at the opening of the International Energy Forum Secretariat headquarters in Riyadh November 19, 2005

In the Name of Allah, Most Compassionate, Most Merciful

Praise be to God, and peace and blessings upon his messenger Mohammed and all his kin and companions.

Dear Friends: May Gods peace and blessings be upon you. It is our pleasure to welcome you to the Kingdom of Saudi Arabia, and to celebrate with you the inauguration of the headquarters for the International Energy Forum Secretariat, and the launch of the international project of the Joint Oil Data Initiative.  It is our hope that the work of the Secretariat will contribute effectively to enhancing the dialogue between producers and consumers, and protect the global economy from turmoil. This is the reason why we proposed the establishment of the Secretariat five years ago.

Dear Friends: Our oil policy is clear, and is characterized by honesty and transparency.  It is based on our firm belief that we are part of the world we live in, and that we share our world’s fortunes as well as misfortunes, and that our national interest does not conflict with the interests of the international community.  This policy is based on two main objectives: the first is to realize a fair and reasonable price for oil, and the second is to provide adequate oil supplies to all consumers.

In order to realize these two objectives, we have increased our production capacity to a level that does not jeopardize the interests of future generations or do damage to the oil fields.  We have adopted moderate positions, within and outside of OPEC, with regard to production and pricing.  We have increased production whenever there were shortfalls in supply, and we have adopted a policy of consultation and coordination with both consumers and producers.  However, all the efforts exerted by producing countries are fruitful only when they are met with a positive attitude by the major consuming countries, in the form of limiting speculation in the oil markets and refuting rumors and misleading information which cloud the realities of the market.  It is also incumbent upon these nations to reduce the burdens on their citizens by reducing taxes on petroleum products when oil prices rise.

Dear Friends: Our oil policy is part and parcel of our overall policy which seeks dialogue rather than argument, and cooperation rather than confrontation.

We ask God Almighty to grant success to all who labor for the benefit of humanity, for He is the all hearer, the all responsive.

God’s peace and blessings be upon you.