Naimi affirmed that the Kingdom is committed to maintaining productive capacity in excess of its need, noting that the Kingdom's performance during crises in the region has proved its ability to counter these problems. The Gulf region has faced many troubles in the last period and the performance of the Kingdom during these crises has been consistent, he added. He stressed that pessimistic ideas about oil prices are unjustifiable, considering pessimism as one of the reasons for price fluctuations. He said," The price of oil is set by the market. OPEC has no role in setting the prices as the organization seeks to stabilize the market. Price must be profitable for all producers and consumers. This summit is not for discussion of high oil prices, but it has an agenda including several other topics that will be discussed in the field of petroleum." As for the possibility of the Kingdom's investment in oil refineries abroad, the Minister stressed that the Kingdom has had investments and partnerships in the United States of America, Korea, Japan, China and the Philippines, adding," We have strategies for expansion in other states as we have programs in Jubail, Yanbu and Ras Tanura for the establishment of refineries in each of them. " --More
