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Al-Naimi hails OPEC's 17 years achievements 2 Riyadh
Riyadh, Saudi Arabia, November 14, 2007, SPA - The Minister of Petroleum
and Mineral Resources indicated that oil income in Saudi Arabia represents between
70 to 80 percent of the state budget and between 30 to 35 percent of Gross National
Product (GNP).
Minister Al-Naimi affirmed that the Kingdom is committed to maintaining productive
capacity in excess of its need, noting that the Kingdom's performance during crises
in the region has proved its ability to counter these problems. The Gulf region
has faced many troubles in the last period and the performance of the Kingdom during
these crises has been consistent, he added.
He stressed that pessimistic ideas about oil prices are unjustifiable, considering
pessimism as one of the reasons for price fluctuations. He said," The price of oil
is set by the market. OPEC has no role in setting the prices as the organization
seeks to stabilize the market. Price must be profitable for all producers and consumers.
This summit is not for discussion of high oil prices, but it has an agenda including
several other topics that will be discussed in the field of petroleum."
As for the possibility of the Kingdom's investment in oil refineries abroad, the
Minister stressed that the Kingdom has had investments and partnerships in the United
States of America, Korea, Japan, China and the Philippines, adding," We have strategies
for expansion in other states as we have programs in Jubail, Yanbu and Ras Tanura
for the establishment of refineries in each of them. " |
