The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi held a meeting here today with Norway's Energy Minister Thorhild Widvey. During the meeting, they discussed the situations in the world oil market, supply and demand and the international oil stockpiles. The meeting was attended by a number of officials of the two sides. In a joint press conference, Al-Naimi said that when we decide to expand production, we always calculate the age of oil fields, adding that most of our plans range between 50-100 years for the field which is good for the next generations Replying to a question on the establishment of a specializing oil company for refining and distributing oil to support Aramco, he noted that there are companies, not just one, adding that the Kingdom's economy is free. On the world strategic oil stockpile, Minister Al-Naimi said that the commercial stockpile equals 51 days and this level is good with regard to the bases of the oil market. We do not expect the stockpile to be builing on for more than 52 days in the second quarter of this year since it directly affects oil prices whether up or down. --More 2247 Local Time 1947 GMT
