The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi emphasized the importance of the role of the Kingdom of Saudi Arabia in the stability of the world oil market. In a press conference held here today following the patronization of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz of the inauguration ceremony of the International Energy Forum Secretariat building and the launching of Joint Oil Data Initiative (JODI), he said that world's countries give a great weight to the Kingdom's role in the supply and stability of the world oil market. Replying to a question, he said the Kingdom's producing capacity will reach 12.5 million barrels at the end of 2009. Eng. Al-Naimi noted that the Kingdom does not intend to play the role of a price swing producer, but it builds its facilities on the expected demand level. The Minister indicated that the supply is bigger than the demand; oil storage has been built and the market is satisfied. Consequently, there is no need for additional steps, he said and added that refineries in the world have been unable to meet consumers' needs. --More 0028 Local Time 2128 GMT
