RIYADH, 12 May 2003 — The Kingdom yesterday pledged to work closely with oil producing and consuming countries to promote dialogue between them in order to keep oil prices steady and solve energy-related issues on a global level.
“The government will continue to support dialogue among all global energy players,” said Minister of Petroleum and Mineral Resources Ali Al-Naimi, while opening a two-day meeting of the executive board of the International Energy Forum (IEF) here yesterday.
The meeting, which has a number of oil-related topics on its agenda, will also elect an IEF secretary-general from amongst the three nominees from Italy, Mexico and Norway.
Al-Naimi said that the main aim of the meeting was to promote consultations to maintain the stability of oil markets, as fluctuation was not in the interest of producers, consumers or investors.
“The agreement to establish the IEF secretariat itself is a clear indication of a change in the international environment and the willingness to continue the dialogue on issues of mutual interest such as market stability, security of supply and demand as well as environmental concerns,” Al-Naimi said.
The Kingdom’s oil reserves of 261 billion barrels are one quarter of the world’s total, and the chances of finding more oil are greater in Saudi Arabia than anywhere else.
The Gulf Cooperation Council’s OPEC producers Kuwait, Qatar, Saudi Arabia and the UAE, with non-members Bahrain and Oman, hold 45 percent of the world’s oil reserves and provide almost 20 percent of its supplies.
The Kingdom approved SR15 million for a new building for the IEF secretariat. Al-Naimi said that the establishment of the IEF’s secretariat had the support of more than 60 countries and international organizations.
“The secretariat will be the mechanism to ensure continuity of dialogue,” said the oil minister, adding that the Kingdom would contribute SR937,500 toward its share in the IEF secretariat’s annual budget.
“Logistical support from Saudi Arabia will also continue until the secretariat is in a position to function smoothly and independently,” he said.
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