Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Minister of Petroleum and Mineral Resources delivers statement
Published in Alriyadh on 23 - 03 - 2015

The Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi expressed always optimism along with the Ministers of Energy and Petroleum of Gulf Cooperation Council (GCC) for Arab States about oil prices due to the goodwill of the GCC States.
In a press statement here yesterday evening after the opening of 2nd Petroleum Media Forum of Gulf Cooperation Council (GCC) for Arab States, he said, 'The GCC countries in the past and present have maintained very hard and seriously for balancing oil prices and their stability, and the prices are set by the market.'
Minister Al-Naimi added, 'The forum is a blessed gesture aiming at professionalism as much as possible, and to defend the positions of the GCC countries in this economic important sector, and to correct what is said about our intention, and we are not against any one; we are with everyone in supporting the stability of the market and in support of maintaining the balance between supply and demand; but as for the prices, they are set by the market. And what we saw today will be supportive for the Gulf petroleum media personnel to practice this profession.'
The Minister of Petroleum and Mineral Resources said, 'High prices without justification and because of a statement from this or that are harmful; but if prices rose to cover, for example, the marginal cost of producing a barrel, this is reasonable, and every investor wants to cover the long-term production costs, and wants a reasonable profit, and this is what we hope for.'
In reply to a question about the intention of negotiating with countries outside OPEC to improve or achieve prices, the He said, 'You remember in 1998 when there was the depression of prices at that time, we toured countries outside OPEC, and we managed to gather them, and we agreed on combined cuts which moderated markets. Today, the situation is difficult, we have tried and met, but we have not succeeded due to the insistence of countries that OPEC alone shall bear this burden; and we reject this matter that OPEC bears the responsibility as its production constitutes 30% of the market, and 70% from outside OPEC. As it is a public interest , everyone must take part if we want to improve prices, and it is unallowable that one person earns at the expense of the other. In the eighties we lost a lot and we are not ready to repeat that'.
The Minister stressed that the idea of creating a specialized institute in the field of petroleum media is nice, adding, 'Every Ministry of Energy and Petroleum holds annually or biennially a workshop for a certain period to explain the petroleum industry, and this is what was experienced before two years for the media personnel. They were given lessons for two weeks, and I think that was useful, and this will be repeated in order to strengthen knowledge and understanding, not only for us, but for the whole world.'
Minister Al-Naimi said, 'The production of the Kingdom of Saudi Arabia is in the range of 10 million barrels, and we are ready to meet a demand of a new customer at any time, explaining that there is no objection to the accession of new countries to the organization, despite the invitation of many countries, but they have not joined the organization'.


Clic here to read the story from its source.