Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi reiterated today that the Kingdom of Saudi Arabia is ready and capable of supplying all its customers in the Asian continent their need of oil at the present time and in the future as well as in times of scarcity and abundance. "We supply three major markets: North America, Europe and the continent of Asia. Economic growth in Asia has meant growth in petroleum consumption, and Saudi Arabia has been a mainstay in satisfying the energy needs of Asian consumers. Asia's astounding economic growth also means increasing oil demand in coming years, and Saudi Arabia will continue in its role of reliable supplier for economic growth," he said. "With our massive reserves and the highest spare production capacity in the world, Saudi Arabia will continue to satisfy all of its customers, helping to keep the world's petroleum supply in balance with demand, " Al-Naimi said. Following is the full text of Al-Naimi address: "Your Excellency Senior Minister Goh Chok Tong, Ministers, ladies and gentlemen, good morning. I would like to start by thanking Dr. Abdulaziz Sager, Chairman of the Gulf Research Center, and Ambassador Barry Desker, Dean of S. Rajaratnam School of International Studies for organizing this highly esteemed symposium, and for inviting me to address this distinguished group. I would like also to thank the Ministry of Foreign Affairs and the Ministry of Trade and Industry of Singapore for the superb arrangements of this symposium. It is always my great pleasure to be in Singapore, a country for which we in Saudi Arabia have deep admiration and respect. It is also a privilege for me to join you today to share some thoughts about the emerging and constantly evolving role of Asia in the global economy. We all live on this continent, and share many of the same concerns and aspirations. On this basis, I believe that the progress and achievements of any of us can be considered an achievement for us all. Ladies and Gentlemen; Over the past four decades, Asian economies have shown remarkable capabilities and foresight in pursuing sound economic policies that have resulted in tangible, laudable achievements. The emergence of Asia as an economic powerhouse is truly breathtaking. The economic dynamism of this continent and its people is redefining the international political and economic landscape. The center of gravity in global trade and investment is shifting to Asia, and the region is becoming the engine for global economic growth. This is due to our continent's vast variety and amount of natural resources, and our stunning range of cultures, climatic conditions, geographies, historical ties and governmental systems. --MORE
