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Al-Naimi delivers speech at the Oil Summit Conference
Paris 25th April 2001

  Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi has explained that oil market developments of the past two years have provided governments and industry with invaluable lessons.

 Eng. Al-Naimi also noted that the oil price collapse in 1998, in the wake of Asian economic crisis, not only proved the strong link between world oil demand and economic growth, but also affirmed the necessity for a stable oil market where supply and demand are in equilibrium for the health of the world economy.

 In a speech before the second International Oil Summit Conference organized by the French Petroleum Institute early this morning, Al-Naimi said the production decrease initiatives early this year fall within this market-balancing endeavor in an ever-changing world economic environment.

 “Our aim is to keep the market well supplied and prices at the desired average of $25 per barrel for the Opec basket,” he added. The Minister of Petroleum also advocated a holistic and balanced approach to reconciling the demands of energy, the economy and the environment to attain sustainable development, noting that the events in the oil market and in the climate change process in the past few years proved the imperative of this balanced approach to the underlying issues.

 Al-Naimi highlighted the initiative of the Crown Prince of the Kingdom of Saudi Arabia and Commander of the National Guard Prince Abdullah bin Abdul Aziz in proposing the establishment of a permanent secretariat for the International Energy Forum held in Riyadh recently to foster the dialogue between energy producers and consumers on issues of common concern including the economy, energy and environment interrelations.

Source: SPA

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29 April 2001 05:02:09 PM

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