yet the world's present financial climate clearly is one that inhibits innovation. The referenced $ 75 per barrel price target for oil, at the present situation, meets all the stability and predictability criteria, and creates the kind of investment climate conducive to research and development. Speaking of innovation, you may expect to hear dismissive remarks about alternatives from the Minister of Petroleum and Mineral Resources of the country that holds the world's largest proven conventional oil reserves and the fourth -largest gas reserves, with the potential to add much more. You may then be surprised to hear me say that Saudi Arabia sees a role for all viable energy sources to meet global needs. In fact, The Kingdom of Saudi Arabia is investing in renewables. For example, Saudi Aramco, our national oil company, is using solar power for some of its communities and facilities and just recently, King Abdullah University for Science & Technology, KAUST, signed agreements to install a photovoltaic solar plant with capacity of over 3 Megawatts. I believe there will come a day when Saudi Arabia supplements oil with solar power and we will then export energy in gigawatts as well as in barrels. --More
