Cabinet: Kingdom’s oil production sufficient to meet market needs

May 19, 2008

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the weekly Cabinet meeting at Al-Yamamah Palace in Riyadh today.

King Abdullah opened the meeting by noting President George W. Bush’s visit to the Kingdom May 16-17. The King welcomed the comprehensive, deep talks held during the president’s visit that reflect the friendship and mutual respect shared by both nations.

After a briefing by Minister of Petroleum and Mineral Resources Ali Al-Naimi on oil policy, the Cabinet said that the Kingdom’s current oil production was enough to meet market requirements and that producing countries could increase capacity if there were actual additional energy needs. It stressed that the Kingdom’s oil policy takes into consideration the interests of both consumers and producers and achieves a balance between demand and supply.

On the Palestinian issue, the Cabinet called on the international community, especially countries of influence, to protect the legitimate rights of the Palestinians. The Palestinian people and leadership can no longer make any concessions, the Cabinet said. It also urged Israel to end its policy of intransigence, oppression, collective punishment and settlement expansion and comply with international resolutions.

Regarding Lebanon, the Cabinet expressed the hope that the upcoming meeting in Qatar would achieve an agreement that would lead to the election of a Lebanese president and an acceptable formula for a national unity government and constitutional changes.

The Cabinet approved several bilateral agreements today. It endorsed general agreements for cooperation with Kenya and Turkmenistan, and authorized agreements with Greece and Spain for the avoidance of double taxation and prevention of tax evasion.

In addition, the Cabinet made appointments to the board of the Communications and Information Technology Commission.