King Abdullah: Saudi Arabia not responsible for high oil prices

July 1, 2008

In an interview with the Kuwaiti daily Al-Siyassah, Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz reiterated that Saudi Arabia is not responsible for the current high oil prices.

“The Kingdom’s policy ever since the establishment of OPEC is based on the adoption of a fair price of oil which neither harms producers nor consumers,” the King said.

He noted that there are several factors for the high oil prices, including speculators, increasing consumption in developing economies and high petroleum taxes in consuming countries.

The King said that Saudi Arabia has plans for dealing with economic issues including the rising prices of foodstuffs and inflation.

In the interview, King Abdullah highlighted Saudi support for a peaceful, secure Lebanon and praised GCC cooperation. He also noted that Saudi Arabia was on the path to social reform in a way that maintains the traditions, customs and values of the Saudi people.