Oil Minister Reaffirms Commitment to Stable Energy Supply
18 May 2005
Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi reaffirmed the Kingdom's commitment to maintaining a stable and secure energy supply at a conference sponsored by the Center for Strategic and International Studies, entitled 'U.S./Saudi Partnership in a Changing Energy World.'
During his speech, Minister Al-Naimi commented on the current state of the global oil market: "I want to emphasize that the problem is not a lack of resources. Remaining world oil reserves are abundant. Rather, the current impediments include, for example: the proliferation of product specifications, a myriad of regulations, infrastructure bottlenecks, and a lack of accurate and timely data needed to improve market transparency."
To help reduce these issues, the Minister outlined the Kingdom's actions: "Our efforts include: meeting our customers' current needs by offering additional crude supplies as needed; expanding our production capacity to meet future demand and maintain spare capacity; building new refineries; expanding and upgrading our existing refineries at home and abroad; upgrading our tanker fleet; and investing in new technology across the spectrum of our business."
Minister Naimi added: "We are also keenly aware that when prices become too high, the world's economy is negatively affected and when the world economy slows, we as producers suffer. Therefore, I can assure you that very high or unstable prices are not in the interest of producers."
For the complete text of Minister Al-Naimi's speech, please visit http://www.saudiembassy.net.
This press release is distributed by Qorvis Communications, LLC on behalf of the Royal Embassy of Saudi Arabia. Additional information is available at the Department of Justice, Washington, D.C.
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Source: Royal Embassy of Saudi Arabia, Information Office
Source: PR Newswire
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