King chairs meeting of Supreme Council for Petroleum and Minerals Affairs

June 27, 2011

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz presided over a meeting of the Supreme Council for Petroleum and Minerals Affairs (SCPMA) at his palace in Jeddah today. The session was also attended by Prince Nayef bin Abdulaziz, SCPMA Secretary General Dr. Mutlab bin Abdullah Al-Nafisah and other members of the Council.

Following the meeting, Dr. Al-Nafisah reported that the Council reviewed the state of the oil market, noting the intactness of supply and demand fundamentals and commercial stockpiles of oil. The Council ascertained that the productive capabilities of OPEC are sufficient to meet current and predicted world demand. In this regard, the Council reiterated the commitment of the Kingdom to maintaining the equilibrium and reliability of the world market, in the interest of both producing and consumer nations, and developing countries in particular. It confirmed that the Kingdom and the Organization of Petroleum Exporting Countries (OPEC) will continue to play stabilizing roles in the oil market, adding that the OPEC states will maintain a united stance.

By the end of the meeting, the Council had approved the 5-Year Working Plan of the Saudi Arabian Oil Company (Saudi Aramco) for 2012-2016, the annual report of its board for 2010, the general balance sheet and its profit-loss account for 2010, and the appointment of an external accounts controller for Saudi Aramco and its affiliates.