Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi stressed that objectives of the Kingdom's international oil policy are clear, stable and based on moderation and that such objectives are inter-related and inseparable. The minister said that the Kingdom's international oil policies aim at "the oil policy to agree with, correspond to and serve the Kingdom's general policy. This, as you know, aims at serving the Kingdom's interests, enhancing its regional and international role, fostering cooperation will all countries, noting that the Kingdom has started to focus on secondary industries related to oil and gas as well as energy studies and research thus turning the Kingdom into a producer of world-scale energy studies on the same footing as those produced by the best similar centers worldwide." The minister said that the Kingdom's oil policies strengthen global and regional peace and political stability, enhance accelerating economic growth and cater for the relationships and dual cooperation with the Arab, Muslim and developing nations to maintain the stability of the oil market by maintaining investments in the oil value chain, from exploration to production, refining and marketing, and maintain an appropriate level of excess production capacity to meet any supply shortages or any unexpected demand increase and to cooperate with the oil producing and exporting countries, particularly OPEC countries, and oil consuming countries to know their oil policies and needs. This came in the minister's speech delivered today at the fifth session of the Gulf and the World Forum under the title "Prospects of Energy and World Economy." The speech was delivered on his behalf by Dr. Ibrahim Muhanna, advisor to the Minister of Petroleum and Mineral Resources. --More
