Naimi said there are many reasons why we, as reliable raw petroleum producers, welcome the new discoveries of rocky oil in the U.S. and other energy additions to the energy market elsewhere, citing the world's increasing population, and the accelerating growth of the world economy. He added that until recently the so-called climax of oil supplies were a source of concern to the world as researchers and forecasters were trying to confuse us that the oil is depleting until the rocky oil was recently discovered to give a relax to the international oil market. Consequently, we don't believe that the rocky oil discovery means that we are going to drown in oil seas. The new dimension of the rocky oil and gas discoveries is that it created some kind of security to energy clients, which would, in turn, lead to oil stability, Al-Naimi said. He said controversy is currently on the highs in the U.S. whether the rocky oil is going to affect negatively or positively the price of oil internationally. Nobody knows, he stated. However, since its cost of producing is high, the rocky oil will help, no doubt, to draw a bottom line for the oil prices which would help, in its turn, to enhance long-term investments required by the energy industry. In our view, as a producing country, what is significant and what we are always running after is the stability of prices as sharp fluctuations are not in the interest of any party at all, the Minister of Petroleum and Mineral Resources of the world's largest producer and exporter of oil concluded.
