Minister of Petroleum Resources Ali Al-Naimi addressed the Petrotech 2007 conference in New Delhi, India yesterday.
In his remarks, Al-Naimi stressed Saudi Arabia’s commitment to ensuring the stability of oil markets over the long term. He also said that the Kingdom continues to invest in its petroleum infrastructure and expand its capacity in order to meet global demand, especially in Asia.
He noted that the recent increase in oil prices is largely the result of insufficient investment in the industry and an increase in demand.
The annual Petrotech conferences showcase India’s oil and gas industry. This year’s theme is “Energy, Economy, Equity, Ecology.”