Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi delivered a speech at Petrotech 2009 Special Ministerial Session held in New Delhi, India. Al-Naimi stressed that energy is essential for fueling the world's economic engines. "The future availability of sufficient quantities of affordable energy, important to all economies, takes on even greater acuity as emerging economies like India take steps out of the economic downturn". He pointed out that the price of oil, which is the primary source of energy, has declined in recent months by more than 70 percent since reaching their highest levels in July – a drop that will play a major role in aiding economic recovery. "This price decline is partially due to the cooperation of producers and consumers, and as such demonstrates the ameliorating effects that can be achieved when stakeholders work together. When Saudi Arabia called the Jeddah meeting of producers and consumers last summer, India was among the most important contributors to the dialogue", Al-Naimi said. "This collaboration, combined with the Kingdom's moderate price policy, aided price moderation for a short period. However, because of the current world-wide economic and financial downturn, prices decelerated to levels not reflective again of market fundamentals", Al-Naimi added. --More
