The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi stressed that Saudi Arabia seeks stable oil prices. This stability brings certainty for governments, and for people. It also helps in terms of planning and economic growth. Constantly fluctuating prices are in no one's best interest. This came in a statement he delivered at the 4th Annual Energy Forum held at Istanbul International Center for Energy and Climate in Istanbul, Turkey. Al-Naimi also said that Saudi Arabia remains committed to its role as a stable and reliable supplier. We have consistently stepped up to offset any supply shortfalls. Since 2009, Saudi Arabia has carried a spare capacity of between 2.5 and 3.5 million barrels. This scale of investment, at this time, was taken to ensure the world would continue to be adequately supplied. Only Saudi Arabia has the capacity and ability to take steps such as these. And we have never failed in our commitment to global energy market stability. 'I became Saudi Arabia's Minister of Petroleum and Mineral Resources in 1995. Global GDP was some $29 trillion and a barrel of oil was trading for around $16. At that time, there were concerns about how these high prices might impact economic growth. But here we are, 18 years on, oil is trading closer to $100 and global GDP, even despite recent severe setbacks, has more than doubled to $70 trillion,' Al-Naimi said. 'Two reasons are economic growth and higher levels of education. But another key number is rising population. In the mid-1990s, the world population numbered some 5.7 billion people. Today, there are another 1.3 billion people alive. That translates into increasing demand for all forms of energy. But while demand rises, global supplies are also increasing. Thanks to new technology, the past decade in particular has witnessed a rise in shale or tight oil and gas from North America, offshore drilling in Brazil has increased and there is greater development in the Arctic,' Al-Naimi added.
