King Abdullah chairs Supreme Council of Petroleum and Mineral Affairs meeting

March 23, 2008

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired a meeting of the Supreme Council of Petroleum and Mineral Affairs at Al-Yamamah Palace in Riyadh today.

In a statement issued after the meeting, the Council reiterated Saudi Arabia’s desire for oil market stability and maintaining supplies to all regions at all times to ensure global economic growth.

The Council expressed satisfaction with the progress of Saudi efforts to expand production and refining capacity in order to help meet global demand. It also renewed the Kingdom’s commitment to coordinating with OPEC and non-OPEC countries as well as consuming countries in order to ensure the stability of oil markets and avoid the effects of harmful speculation.

In the statement, the Council also noted that the upcoming International Energy Forum in Rome will present an opportunity for dialogue among energy officials in consuming and producing countries.

In addition, the Council approved Saudi Aramco’s action plan for 2008-2012 as well as the oil company’s 2006 annual report.