Al-Assaf: Saudi Arabia has pivotal role in the oil market

October 21, 2010

Minister of Finance Dr. Ibrahim Al-Assaf stressed the importance of the role played by the Kingdom in maintaining price stability and adequate supplies in the international oil market. Speaking last week before the G-20 Workshop on Energy Security, held at the King Faisal Conference Hall in Riyadh, Dr. Al-Assaf noted the Kingdom’s massive investments in oil production, as well as its efforts to increase production capacity. The Minister of Finance also highlighted the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz’s Energy for the Poor Initiative, which was announced in Jeddah in January of 2008. He explained that the Kingdom is working to implement the initiative through the Saudi Fund for Development, the OPEC Fund for International Development (OFID), the Arab Bank for Economic Development in Africa and the World Bank.