MINISTER OF PETROLEUM AND MINERAL RESOURCES ALI BIN IBRAHIM ALNAIMI ANNOUNCED THAT SAUDI INVESTMENT PROGRAMS IN THE OIL AND GAS EXPLORATION, PRODUCTION, PROCESSING AND MARKETING OVER THE NEXT FIVE YEARS WILL TOTAL USD70 BILLION. IN A SPEECH TODAY AT THE THIRD OPEC INTERNATIONAL SEMINAR IN VIENNA, HE SAID SAUDI ARABIA'S POLICY IN OIL AIMS AT ALWAYS SECURING THE MARKET BALANCE WHICH REQUIRES KEEPING SURPLUS PRODUCTION CAPACITY SUFFICIENT TO COMPENSATE ANY UNEXPECTED SHORTAGES IN SUPPLY. THE MINISTER SAID SOME GOVERNMENTS' ATTEMPTS TO CUT ENERGY CONSUMPTION MAY HAVE ECONOMIC CONSEQUENCES THAT THREATEN ENERGY FUTURE IN THE WORLD. --MORE
