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Al-Naimi hails OPEC's 17 years achievements 3 Riyadh
Riyadh, Saudi Arabia, November 14, 2007, SPA - Minister Al-Naimi reaffirmed
that OPEC
seeks to stabilize the market and considers that a situation in any country
will affect other countries especially what happened in the United States of America
with regard to fluctuations in the price of the dollar, which was one of the factors
for the rise in oil prices as the United States is the largest consumer of oil in
the world.
He emphasized the Kingdom's clear positions on the protection of environment, pointing
to the Kingdom's participation in the conventions for environment protection. As
for the cost of oil production, he indicated that the high cost of production has
not significantly affected the production, saying," This is not the standard for
consideration, but we must consider from the standard of a global cost of discovery
and production of a barrel as well as a margin of profit," stressing that the price
per barrel today is appropriate for producers."
As for the rise in the cost of labor and materials, Minister Al-Naimi said that
each state and company have strategies to cope with these changes, adding," Saudi Arabia is one of the most successful countries in the face of the cost rise since
it has not affected the timing of finishing our projects. Everybody knows that investment has increased, but revenues have also risen. This increase has not discouraged expansion programs in the Kingdom."
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