Naimi said. "Such communication and cooperation are important for shared security and greater opportunity, but never more so than in challenging times" Al-Naimi added. "Events such as Petrotech contribute to a thriving, modern Silk Road by providing a forum for energy cooperation dialogue – ensuring adequate supplies; investing in technological and human resources; and continuing to mitigate the environmental intensity of our operations and products, especially minimizing the carbon footprint of petroleum-based transportation fuels and technologies", Al-Naimi said. "The industry knows well that the cyclical nature of the oil market is not completely avoidable, but we can work together to ameliorate challenges and extremes. Here I think it is important to emphasize our goal of a stable oil market, the balance of supply and demand through the existence of reasonable spare production capacity, over both the short and long term. Stability means oil prices maintained at a level that encourages investment, helping create a climate conducive for the development of all viable energy sources. Stability also is defined as a level providing a reasonable return to producing nations, and one that does not harm the global economy, and particularly does not hinder the prospects of developing economies" Al-Naimi added. --More
