Ali bin Ibrahim Al-Naimi, the Minister of Petroleum and Mineral Resources, announced that the Kingdom of Saudi Arabia will continue to increase its oil production capacity to stabilize the market, stressing that the Kingdom believes that it should guarantee the flow of oil and it is ready for that. In a press conference in Jeddah tonight following the conclusion of Jeddah Energy Meeting, he pointed out that Saudi Arabia has poured large additional quantities of oil in the market. "Given the current levels of demand, we have pumped large quantities of additional oil production in the market to calm down those who feel worried about the levels of flow of oil. Then, consumers ought to say what do they want. At the same time, we will continue to increase our work to avoid instability of oil prices," he added. He stressed that Jeddah Energy Meting has fulfilled all its objectives upon the testimony of all attendees, whether they were producers or exporters of oil or belonging to oil beginner countries or the industry. He said there is a high degree of determination and commitment by the participants, given the nature of the situation prevailing in the market as well as the response to such conditions. Given the vital role of oil in our lives, the market is surrounded by a lot of circumstances that affect our economies and our lives, a matter for everyone to understand. The minister explained that Jeddah Energy Meeting has defined specific steps to counter the current circumstances in the market and reduce the current fluctuations, calling for more steps to be taken over by producers to create policies and appropriate climate for investments to ensure future arrangements for the markets, facilitate and ease geopolitical tensions in the world. He expressed confidence that these steps will be met by the related countries in order to stabilize the market. --More
