The US Energy Secretary, Samuel Bodman has praised the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz for personally following up the project of the Riyadh-based International Energy Forum Secretariat (IEFS).
Addressing a press conference here on Friday evening, Bodman underlined the importance of the role that could be played by the International Energy Forum (IEF) in enhancing cooperation between oil producers and consumers, as well as in strengthening pillars of stability at the oil market through making available the necessary knowledge and understanding of facts.
He noted that he had reviewed with the Saudi Minister of Petroleum and Mineral Resources, Eng. Ali Ibrahim Al-Naimi, means of increasing the productive capacity of the refineries owned by the Kingdom of Saudi Arabia in America.
Bodman pointed out that a number of governments and oil companies have shown interest in investment in the field of refineries in America through attractive investment opportunities in the American market.
He also criticized the tax policy imposed in his country, and said it had an adverse impact on investment in America.
Bodman reiterated his confidence in the commitment of the member states of the Arab Gulf Cooperation Council (GCC) in making the required oil supplies available at the international oil market, and said such a development would enable them to increase their productive capacity.
"I haven't received any commitments in this respect, and at the same time I have not asked for any commitment from oil producing countries either from inside or outside OPEC to intervene through increasing production for curbing prices.
"However, I have discussed the issue through direct contacts with oil producers from inside and outside OPEC, and these producers have pledged to provide the oil market with the required supplies," he said.
Bodman said there is a problem in the capability of the producers in facing the demand for crude oil, adding that the growth in supplies would increase by about one million barrel this year and a similar volume next year.
"We are keen on reasonable prices for oil producers and consumers," he said, adding: "Several quarters are worried about the increase of oil prices, and I am keen on stable prices because fluctuation of prices will make matters difficult for countries and companies to set their plans," Bodman noted.
He said that Catrina and Rita hurricanes have had an adverse impact on the stability of oil prices.
"Three of our refineries with a productive capacity of 800,000 barrel per day are not operating for the time being, but one of these refineries is expected to be operating by the end of this year," he added.
