The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, the Premier and also the Chairman of the Supreme Council for Petroleum and Minerals Affairs (SCPMA), presided over at his palace here today a meeting of the SCPMA, in the presence of Prince Naif bin Abdulaziz, the Second Deputy Premier and Minister of Interior, who is also the Second Deputy Chairman of SCPMA and members of the Council. Following the meeting, Minister of State and Member of the Cabinet Dr. Mutlab bin Abdullah Al-Nafisah, who is also the Secretary General of SCPMA, pointed out that the Council reviewed the situation in the oil market and its expectations and took note of the intactness of supply and demand fundamentals and commercial stockpiles of oil. The meeting also ascertained that the productivity capabilities of OPEC are sufficient to meet current and expected world demand. In this regard, the Council reiterated the keenness of the Kingdom on the equilibrium and stability of the world market and the reliability of its supplies to it in the interest of both producing and consumer nations in addition to the growth of the world economy. The Council, similarly, confirms the keenness of the Kingdom that OPEC will continue to play its role as stabilizing factor in the oil market, reaffirms its firm policies of keenness at cooperation with all member states in the organization (OPEC) to cement unity of ranks and stances, so that OPEC would exercise its responsible role in supplying the world market with enough oil to contribute to the stability and growth of the world economy, particularly the developing countries, Al-Nafisah added. The Council, then, approved the 5-Year working plan of Saudi Arabian Oil Company (Saudi Aramco) 2012-2016, the annual report of its board for 2010, the general balance sheet and its profit-loss account for 2010, and the appointment of external accounts controller for Saudi Aramco and its affiliates. The Council was also briefed on the technical, financial and statistics report on the activities of companies holding mining licenses in the Kingdom of Saudi Arabia. Furthermore, the Council discussed a number of petroleum-and-minerals-related issues. -- SPA
