RIYADH: Saudi Arabia has always acted and still acting as a wise, responsible and far-sighted “central bank of oil,” said Leonardo Maugeri, chairman, Polimeri Europa, petrochemical branch. Maugeri was speaking at International Energy Symposium inaugurated in Riyadh Monday by Ali Al-Naimi, Minister of Petroleum and Mineral Resources to mark 50th foundation anniversary of Organization of Petroleum Exporting Countries (OPEC). Maugeri said there are several challenges that Saudi Arabia, a leading oil producing and exporting country could face. “I see King Abdullah and Minister Al-Naimi have taken a firm and comforting direction to face (future) challenges.” Maugeri said Saudi Arabia has been continuously trying to rebuff fears that oil production is coming to its peak, and it made void the idea that the Kingdom itself had already surpassed its peak oil production by putting upstream about two million barrel per day (mbd) of new capacity. “What better evidence that peak-oil theorists are only crying wolf, but the wolf is not visible,” he quipped. Secondly, he said in September 2009, the Kingdom inaugurated King Abdullah University of Science and Technology with an objective to be the MIT of Middle East for oil and energy technologies, and hopefully a new center to oil expertise. Moreover, Saudi Arabia was instrumental in the establishment Riyadh-based International Energy Forum, which he said should evolve into a global energy agency among producers and consumers devoted to promote dialogue, collect timely and reliable data, and search for mechanisms to enhance oil price stability. “Looking back into the history and present of Saudi Arabia, I really do believe that the Kingdom has the strength, coherence, and leadership to emerge as one of the builders of the world to come,” he said. Al-Naimi said Saudi Arabia has been engaged in the development of alternative energies which include solar, wind and nuclear, adding that energy from bio-fuel such as carbon injected into sea algae is also being tested. Al-Naimi said despite quest to develop alternative energy, the fossil fuel will continue for the next 30 to 50 years. He said oil producing countries consider that a price ranging between $70 and $80 per barrel is a fair one. Crude for November delivery fell $3.59, or 4.32 percent, to settle at $79.49 per barrel.
