Minister of Petroleum and Mineral Resources Eng Ali Al-Naimi has reiterated the keenness of the Kingdom of Saudi Arabia on stabilization of the oil market through providing the world with ample quantities of oil, and by maintaining moderate prices that benefit the oil producing countries and positively contribute to the growth of the world economy, notably the economies of the developing countries.
Addressing a press conference here today on the fringes of the counter-terrorism international conference, currently in progress here, Al-Naimi said the Kingdom cooperates with OPEC member states, and coordinates with oil consuming countries either on a bilateral level or through the International Energy Forum. The Forum's secretariat is hosted by the Kingdom.
Al-Naimi highlighted the Kingdom's significant role in the stabilization of the international oil markets as well as its role in moderation of the oil prices.
He noted that the Kingdom preserves a surplus productive capacity which amounts to about two million barrels per day, and this surplus could be used when international supplies face shortage.
Al-Naimi said the Kingdom increased its oil production last year to confront the increasing demand, and it was able to increase its productive capacity to 11 million barrels per day.
Al-Naimi pointed out that the Kingdom is planning to increase its productive capacity to 12.5 million within the next four years in response to the continuation of the world demand for oil in the next two decades.
"Moreover, the Kingdom has studied the possibility of raising its productive capacity to 15 million per day if the demand for oil requires that," he said.
On the Kingdom's petroleum policy, he said the Kingdom worked for exploitation of petroleum and gas resources as well as transference of technology and promotion of petroleum industry through training and rehabilitation of staff.
Al-Naimi said the Kingdom is planning to decrease its dependence on petroleum revenues, adding that 'we are working for exploration and exploitation of the minerals available in the country.'
He also said the Saudi petroleum installations were not attacked, adding that 'they are under concentrated protection on different levels, which makes it difficult, if not impossible, for terrorists to reach them'.
