Cabinet reaffirms Kingdom’s support for stable oil markets

October 27, 2008

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the weekly Cabinet meeting in Riyadh today.


Beginning with the global financial crisis, the Cabinet welcomed the meeting of Gulf Cooperation Council (GCC) finance ministers and central bank governors in Riyadh October 25. It stressed the strength and stability of the GCC economies and the importance of continued cooperation among GCC countries to mitigate the impact of the financial crisis.

Turning to energy issues, the Cabinet was briefed on the extraordinary Organization of the Petroleum Conference (OPEC) meeting in Vienna October 24. It emphasized the need for balanced markets for the benefit of both producers and consumers as well as continued investment in the vital energy sector.

Additionally, the Cabinet reiterated the Kingdom’s support for market stability and sufficient supplies. It also reaffirmed Saudi Arabia’s commitment to cooperation with all OPEC and non-OPEC producers with the goal of intensifying dialogue with consumers.

On Iraq, Minister of Interior Prince Nayef bin Abdulaziz briefed the Cabinet on the recent meeting of Iraq’s neighbors. The Cabinet reaffirmed the Kingdom’s support for Iraq’s security, unity, sovereignty and Arab, Islamic identity.

Several bilateral agreements were authorized today, including an agreement on the mutual recognition of drivers’ licenses with Morocco; a scientific and education cooperation agreement with Poland; and political consultation agreements with Germany, France and Egypt.

The Cabinet also approved measures regarding the annual sabbaticals for teachers, physical education supervisors and civil servants, as well as a number of government appointments.