Naimi confirmed that OPEC's decisions were based on sound scientific information, always prepared by the organization's Secretariat General with the participation of experts from member states who compare the information available with similar data issued by renowned international institutions and from the oil industry, noting that it preserves the interests of its 12 member states, the interests of oil producers in general and the world oil industry and the consuming countries who constitute the key market for OPEC's production. OPEC also observes the situation and growth of the world economy and maintains equilibrium between the short-term and future interests in this respect, he added. Al-Naimi suggests that OPEC focuses on scientific authenticated studies and research, issues many studies itself, holds scientific symposia, and observes the developments of the oil industry, citing the current symposium as among the intellectual activities of the organization. Over the last years, OPEC headed for cooperation with international organizations who are interested in energy and economy affairs, he said, citing the first joint meeting between OPEC and the International Energy Agency held in Paris which led to the formation of the Secretariat General of the International Energy Forum. In addition to that, OPEC has initiated special relations with key corporates and producing powers, including the European Union, China and Russia, he said. About the Kingdom of Saudi Arabia's policy towards OPEC, Al-Naimi said the Kingdom's policy, based on the consideration that Saudi Arabia is a constituting state of OPEC, the country possessing the world's largest oil reserve, the biggest exporting country of oil and the country with the biggest energy capacity, is, under directives of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, is putting this wealth under the disposal of the Saudi people and the coming generations. Emanating from the Kingdom's supreme policy of taking care of the world peace, prosperity and cooperation, it pursued a balanced and moderate oil policy that focuses on the concerted interest, the stability of the market, achieving long-term profits and not temporary or short-term profits, he said. He explained that the Kingdom has very much benefitted from its OPEC membership, exerted much effort for the interests of OPEC members either by keeping a surplus power capacity or by reducing or increasing its production in accordance with the situation of the oil market, noting that it would continue to play this responsible and balanced role. --More
