Naimi stressed that investment in producing and refining operations is necessary due to the economic growth in the world. The Minister pointed out that with regard to a final consumer, a range between 30 to 35 percent of oil barrel price is for the cost of production, marketing and freight of oil and the remaining of nearly 65 percent for taxes on fuels. Al-Naimi hoped that the Secretary General of the International Energy Forum takes into consideration the recommendation that the Secretariat sets a mechanism to ensure the producers' interests. Replying to another question on his remarks that the Kingdom intends to spend more than 50 billion on expansion projects of production, he said that investment portfolios exceed 50 billion and the accurate amount will be set later following feasibility studies. He affirmed that the Kingdom has the least level of depletion in the world since it has the largest reserves. The Minister of Petroleum and Mineral Resources noted that the Kingdom does not set oil prices in the world, but prices are set in accordance with the world oil market. He expressed his confidence that the Kingdom will raise its oil reserves to more than 200 billion.
