Faisal's speech: "In the name of God, the Merciful, the compassionate Highnesses, Excellencies, Ladies and Gentlemen, Peace be with you and the Mercy and Blessings of God I would like to begin by extending a warm welcome, on behalf of the Government of the Kingdom of Saudi Arabia, to host this Meeting in Riyadh in preparation for the Third Summit of the Organization of the Petroleum Exporting Countries (OPEC). Hoping that you will enjoy a pleasant stay, and I wish our meeting every success. Excellencies, We are meeting today 47 years after the establishment of our Organization, which has been able to make numerous achievements for our countries and people. We are confidently looking forward to continuing this progress, in full awareness of the profound economic and technological changes that are taking place, in such a way as to derive optimum utilization of our resources in a manner conducive to the development of our countries and the welfare of our peoples. Or Meeting today is being held in Riyadh at a time when the international petroleum industry and market are evolving significantly, with sharp and unexpected rises and substantial daily fluctuations in petroleum prices, increases in the costs of new petroleum installations and doubts concerning the industry's ability to meet future market needs, in addition to various worldwide petroleum and energy-related environmental developments and some disturbance in international economies and financial markets. --More
