The Hindu Business Line : Saudi Arabia assures adequate oil supply

DUBAI: Saudi Arabia, the world's largest oil exporter, has reiterated its commitment to stabilise the international market by ensuring adequate supply.

The assurance came after a meeting of the Saudi Arabia's Supreme Council for Petroleum and Mineral Affairs, chaired by King Abdullah. The meeting, which reviewed world oil market developments, referred to the resolution taken by the last OPEC summit in Riyadh in which leaders said they would manage petroleum resources to ensure sustained development.

"The summit also emphasised OPEC's role in stabilizing the world energy market and realizing global progress and prosperity," the Saudi Press Agency quoted State Minister and Secretary General of the Council, Dr Matlab Al-Nafeesa, as saying.

"The council also emphasised the Kingdom's desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth," he said.

The summit expressed its satisfaction over the progress of work at new investment projects in order to expand oil production and refine capacity.

"The Kingdom will work with OPEC countries, other producers and consuming countries toward oil market stability and to avoid the effect of harmful speculation," the statement said.

The US Vice-President, Mr Dick Cheney this week visited the Kingdom and discussed oil prices and other major issues with Saudi leaders. - PTI

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