Naimi added: "Although we already have the ability to sustain our production comfortably at increased levels for many more years, Saudi Arabia will continue to implement its slate of new crude oil increments, with projects that will see the Kingdoms' maximum sustained production capacity rise to 12.5 million barrels per day by the end of next year. This will enable us to continue to maintain our spare capacity in the interest of global market stability- which is in everyone's interest. In addition, we have identified a series of future crude oil mega-increments totaling another 2 1/2 million barrels per day of capacity that could be built if and when crude oil demand levels warrant their development. Among these prospective programs are a 900,000 barrels-per-day increment in Zuluf, a 700,000 barrels-per-day increment in Safaniyah, a 300,000 barrels-per-day increment in Berri, a 300,000 barrels-per-day increment in Khurais and a 250,000 barrels-per-day increment in Shaybah". He went on to say that "At the same time, Saudi Arabia will press ahead with our planned investments in the refining sector, which over the next five years total some 2 million barrels per day of new refining capacity both in-Kingdom and abroad. Later this evening, in fact, Saudi Aramco and Total of France will sign a shareholders agreement for their 400,000 barrels-per-day export-oriented refinery in Jubail - a facility which will be configured to process Arab Heavy crude, and will therefore help to close the gab between existing refinery configurations and the global crude oil slate. These are massive investments, which over the next five years will total some 129 billion dollars between the upstream and downstream segments of the industry. As the old phrase says, we're putting our money where our mouth is. Keeping with its longstanding policies, the Kingdom has undertaken these projects and investments in the interest of global markets and in order to meet the needs of consumers around the world- and we view our responsibilities and commitments as energy suppliers as a solemn trust. Saudi Arabia is making these investments in the belief and with expectation that other countries, corporations and institutions will also do their part to meet the multifaceted challenges posed by the current market situation, and will intensify their efforts just as we continue to strengthen our investments, capacities and operations. In light of my earlier discussion, we strongly believe that actions by consuming nations in several important areas could play a pivoted role in complementing our efforts to collectively and effectively address the prevailing market situation. Considering the complexity of the issues that I have outlined, there are many initiatives that would go a long way toward meeting our common objectives. Of these, I would like to highlight the following: * First, through well considered changes in a range of national and international policies, help create an enabling and stable environment in which investments and expansions would flourish across the petroleum supply chain. * Second, further to the recent agreement involving the oversight of ICE Europe Futures, consider other appropriate regulator, oversight and reporting enhancement to help dampen irresponsible financial speculation. * Third, suitably relax product specifications and fuels mandates to make more products available, using the available refinery configurations and capacity from available crude oil supplies. *Fourth, we urge everyone to help bring down the political temperature that has played a part in causing oil price spikes. * Fifth, to help provide quick relief to consumers at the pump, consider suitable reduction of taxes on oil products". In conclusion, he urged all participants in the meeting to stand up, step up and be part of the solution. "The challenges before us require commitment, cooperation, and a lot of courage, the issues at stake are too big and too complex for any one entity to resolve, for any one sector of our industry to tackle alone, and not even for the oil industry as a whole to take on single-handled. Instead, we must commit to working together and to aligning the efforts of all stakeholders to achieve our common objectives. By so doing, we have an opportunity to resolve the current market difficulties, and thus to promote sustained growth for the global economy, greater prosperity for our nations, and a brighter future for all of our people. Let us not allow that opportunity to slip from our grasp", he pointed.
