Naimi pointed to the Kingdom's continual contribution to the stability and growth of the world economy within its keenness on the equilibrium between supply and demand in the world oil market and its interest in the stability of oil prices within an appropriate range that benefits producing countries, does not harm oil consumers or the world economy, and does not affect negatively the oil industry and the role of oil as a major source of energy. The Minister of Petroleum and Mineral Resources noted that the Kingdom's proven and productive oil reserves now reach nearly 261 billion barrels, representing approximately one-fourth of the world reserves, adding that there are great opportunities to raise the Kingdom's productive oil reserves to nearly 200 billion barrels through new discoveries or an increase in the rate of oil that can be produced from known underground sources. --More 2005 Local Time 1705 GMT
