to achieve stability while at the same time preserving the dynamic potential of the old system to bring a better way of life to billions of people. The solutions will challenge the best minds among us. How this process works itself out will have major implications for our economic and energy futures. Ladies and Gentlemen Oil market stability has long been a central pillar of Saudi Arabia's own oil policy. By maintaining spare production capacity and investing for the long-term, we believe our policies have made a positive contribution toward stable markets. But we also recognize that market dynamics are rapidly changing and that there are new challenges that must be confronted if our efforts to achieve stable energy markets are to be successful. I believe oil market stability is enhanced when the following four conditions exist. First, oil prices should be low enough to facilitate economic growth, particularly in low income developing countries. Second, they should be high enough to provide sufficient return to producers that ensures adequate and timely investment. Third, prices should also be at a level high enough to provide an incentive for consumers to use oil efficiently. And finally, prices must be sufficient to encourage production from marginal fields, non-conventional sources and renewables. --MORE
