Qaeda 1431 H. / 18 October 2010, SPA -- Eng. Ali bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources, underscored, in a speech before an international symposium here today, the importance of the pivotal role played by the Kingdom of Saudi Arabia in the stability of world oil market through its participation in the constitution of the Organization of Petroleum Exporting Countries (OPEC), noting that his country works with all OPEC's members and other non-OPEC oil producers for the stability of the oil market and cooperates with all of them for maintaining the interests of producers and consumers within a new vision it has taken to become an international energy organization whose policy depends on economic factors. In a key speech during the opening ceremony of the International Energy Symposium at King Faisal Gallery for Conferences in the Intercontinental Hotel in Riyadh, organized by the Ministry of Petroleum and Mineral Resources to mark the 50th anniversary of the establishment of OPEC, Al-Naimi described the organization as among the world's leading and successful ones who played a constructive role to the interest of its member states as well as other oil producers and the consuming countries as well as the oil industry and the entire global economy, noting that the organization would continue to play its positive role with more far-sight and responsibility towards the world over the decades ahead. Al-Naimi drew the attention to the special emphasis of OPEC which necessitated the holding of distinguished ceremonies to mark its 50th anniversary, noting that the Kingdom, in its capacity as a founding state of OPEC, believes in the importance of the organization and its positive international role, and has thus decided to arrange a special celebration on the occasion in which the world oil industry takes part through the petroleum, gas and industries exhibition currently held on the sidelines of the symposium with the participation of experts, specialists and government officials from the Kingdom and all over the world in the symposium which will start tomorrow and lasts for two days. The Minister tackled the developments witnessed by OPEC over the last 50 years, notably its matching march with the political and economic changes in the world system, particularly in the energy industry and market, noting that among the most developments was that OPEC has become mature as an international energy organization that depends on economic and scientific factors to take decisions. --More
