Attiyah, Vice President of the Council of Ministers, Minister of Energy and Chairman of the Conference; Their Excellencies Heads of Delegations; Ladies and gentlemen: I wish to express my deep thanks and gratitude to His Highness Sheikh Hamad bin Khalifah Al Thani, Emir of the sister state of Qatar, for sponsoring this conference. I also wish to thank the Government and people of Qatar for the generous hospitality, as well as all those who contributed to the organization of our conference, headed by my brother and colleague H.E. Abdullah bin Hamad al-Attiyah, Vice President of the Council of Ministers and Minister of Energy and Industry. My thanks and appreciation also go to the Arab organizations and institutions which sponsored, supervised and participated in this event, including the Organization of the Arab Petroleum Exporting Countries (OAPEC), the Arab Fund for Economic and Social Development, the Arab Industrial Development and Mining Organization, and the Arab League. It gives me great pleasure to share with you the events of this conference. Ladies and gentlemen: The 8th Arab Energy Conference was held in Amman, the Hashemite Kingdom of Jordan, in 2006, and since then, major changes have taken place in both the global economy and the petroleum industry, from both Arab and worldwide perspectives. The momentum of international economic growth slowed by the end of 2007 and the global credit crisis emerged, fueled by the collapse of the real estate market which reached its lowest point in September 2008. The aftermath of the economic recession reached most countries, including the Arab region. In the international petroleum market, oil prices spiked in an unprecedented fashion in mid-2008, collapsed by the end of the same year, and then stabilized at current levels. Global demand dropped in the year 2008/2009 for the first time since the early 1980s. Also, a shift occurred in the international consumption pattern, as evidenced by the drop in oil demand from industrialized countries, as oil demand continued rise in emerging economies, including those of Arab countries. Dear guests: Addressing the issue of energy and its supplies is a matter of utmost importance due to the fact that energy is regarded as the main fuel that propels the global economy, furnishing the spark for economic development and the attendant prosperity and development. All people of the world need energy to maintain their economies and the welfare of their people. Based on the Kingdom of Saudi Arabia's policy, which focuses on proactive and constructive participation in the growth of the world economy and contribution to human prosperity, the Kingdom seeks to preserve its global energy supplies, while maintaining redundant production capacity to use in case of need. The Kingdom also sustains its moderate policy toward the global oil market, whether through or outside OPEC. Where OPEC is concerned, the Kingdom goes to great lengths to preserve members' common interests in order to secure fair returns for oil-exporting countries, and at the same time, refrain from causing damage to the world economy. Outside OPEC, the Kingdom has close bilateral relations with most oil producing and consuming countries. Also, the Kingdom is actively engaged in many international economic fora, such as the International Energy Forum, whose Secretariat is based in Riyadh and which focuses on cooperation between oil producing and consuming countries. Last month, the Cancun Declaration was issued to provide for expanding the activities of the Forum's Secretariat General, granting it a greater importance at the global level and ensuring the sustainability of its operations. The Cancun Ministerial meeting also addressed other important issues, such as oil-price fluctuation, poverty and the needs of developing countries. The other important fora include the G-20, which represents the biggest economies of the world, and of which the Kingdom is the one and only Arab and OPEC member. In this Forum, the Kingdom seeks to defend the interests and positions of Arab countries, as well as those of the petroleum countries. --More
