Eng. Ali bin Ibrahim Alnaimi, the Saudi Minister of Petroleum and Mineral Resources, confirmed today that his country possesses oil reserves enough to meet its commitments and pledges of guaranteeing a stable supply and reasonable prices of oil and is able to increase its production in accordance with the market's demand and supply for the benefit of producers and consumers as well. In a speech before the annual energy conference organized by the Strategic and International Studies Center in Washington D. C., currently ongoing under the title "Saudi American Partnership to Alter Energy World", Alnaimi said Saudi Arabia was a reliable source of oil supplies over the last 60 years and is gearing forward to maintain this character in future. He said Saudi Arabia is currently leading international efforts to confront challenges to meet all requirements of its customers. However, we need the support of others to help us meet the needs of all world oil users, Alnaimi said, adding that the first step in this regard is to increase world productivity capacity of oil. The second step, he said, is to lift the international restrictions and complications which currently led to lessening the oil industry flexibility and tied its ability to provide the consumers' needs. The third is to develop, update and increase the abilities of infrastructures needed by oil industry to confront the future requirements, fourth is to improve the energy usages and apply standards of consumption rationalization, fifth is to increase cooperation between producers and consumers, sixth is to expand the human cadres base in oil industry and seventh and finally to encourage and apply new advanced technologies to make available more and new oil discoveries and reduce operation expenditures. Alnaimi called for learning from the lessons of the past and at the same time giving up old practices whenever need be.
