20 PERCENT IN THE COMING 20 - 30 YEARS. HOWEVER, THE SO-CALLED FOSSIL ENERGY INCLUDING PETROLEUM, GAS AND COAL WILL CONTINUE TO COVER MORE THAN 70 % OF THE WORLD'S NEEDS OF ENERGY IN POST-2050, AL-NAIMI SAID. ON HIS PART, THE JAPANESE MINISTER SAID WE HAVE DISCUSSED COOPERATION AMONG PARTICIPANTS IN THIS ROUNDTABLE CONFERENCE TO ENABLE THEM HOLD BALANCED RELATIONS. HE SAID HIS COUNTRY IS AIMING AT TRANSFERRING THE RELEVANT TECHNOLOGY TO UPGRADE ENERGY EFFICIENCY IN PRODUCING COUNTRIES. ON OIL PRICES, AL-NAIMI SAID THE PRICE IS DETERMINED BY THE MARKET BUT OTHER FACTORS, HOWEVER, AFFECT THE PRICE. WE, AS PRODUCERS ALWAYS SEEK TO BE SURE THAT SUPPLY MEETS DEMAND AND THAT SUPPLY REMAINS AT ACCEPTABLE LEVELS AS WE HAVE RESERVE SUPPLIES ENOUGH TO MEET EMERGENCIES, HE STATED. HE SAID THE INDUSTRY IS IN NEED TO HUGE INVESTMENTS IN THE FIELD OF OIL STORAGE, AN ISSUE, HE SAID WAS DISCUSSED AS USUAL.
