Oil Minister: Kingdom seeks a stable petroleum market

January 15, 2008

Minister of Petroleum and Mineral Resources Ali Al-Naimi held a press conference in Riyadh today on the occasion of US President George W. Bush’s state visit to Saudi Arabia, which is currently underway.

 

In his remarks, Al-Naimi reiterated Saudi Arabia’s longstanding support for a balanced petroleum market. “We work very hard to make sure that the global oil market is well supplied and well balanced,” he said.

Commenting to reporters, Al-Naimi said that no one wants to see an economic recession in the United States. He also noted that it is in the interest of both consumers and producers to keep the market stable. “We don’t want price or inventory record highs or lows,” he said.

The Saudi oil minister highlighted the five cornerstones of the Kingdom’s oil and gas policy. First, that Saudi Arabia seeks stability in global markets and is committed to ensuring that supply is sufficient to meet demand. Second, that Saudi Arabia essays to foster dialogue between consumers and producers.

Third, the Kingdom has a strong relationship with the international oil industry with an emphasis on innovation, human development and investment. Fourth, the Kingdom’s firm belief that oil and gas will continue to meet global energy needs for decades to come, and that investment decisions should be made accordingly. Finally, energy development should emphasize a clean environment and sustainable economic growth.

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