In accordance with the directive of Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz, Prime Minister and Chairman of the Supreme Council for Petroleum and Mineral Affairs, Crown Prince Abdullah bin Abdul Aziz, the Deputy Premier, Commander of the National Guard and Deputy Chairman of the Council, today chaired a Council meeting at Al-Yamamah Palace.
The meeting was attended by Prince Sultan bin Abdul Aziz, the Second Deputy Premier, Minister of Defence and Aviation and Inspector General, and Second Deputy Chairman of the Council.
Following the meeting, Dr Mutlab bin Abdullah Al-Nafeesah, Minister of State, Cabinet Member, and Council Member and Secretary General, said that the Council reviewed the situation of petroleum markets and efforts made by oil exporters within and outside the Organization of Petroleum Exporting Countries (OPEC) to stabilize the market and guarantee supplies. The Council expressed its satisfaction with the balance between supply and demand at OPEC’s benchmark prices.
The Council affirmed the Kingdom’s keenness to promote oil market stability and cooperation with other producers to guarantee stability in the future, and ensure the interests of oil producer and consumer countries and continued growth of the global economy.
The Council reviewed what was submitted by the Minister of Petroleum and Mineral Resources regarding agreements on exploration for and production of non-associated gas. It also reviewed the minutes of specialized committees, and decided to approve an exploration and production draft agreement on the south of Rub’ Al-Khali (the Empty Quarter) between the Government of the Kingdom of Saudi Arabia and Shell, Total and Saudi Aramco companies.
The Council also decided to approve the draft exploration and production agreement in the three areas offered for competition. The Council authorized the Minister of Petroleum and Mineral Resources to sign the agreements after submitting them to the Cabinet and the Shoura Council, and after completion of the necessary measures. The Council reviewed a number of other topics, and took the required decisions.
Source: SPA
