Saudi Arabia assures world oil market adequate supply

Middle East News.Net
Monday 24th March, 2008 (IANS)

Saudi Arabia has reiterated its commitment to stabilize the international oil market by ensuring adequate supply.

This comes after a meeting of the Supreme Council for Petroleum and Mineral Affairs, chaired by Saudi Arabia's King Abdullah, according to a report in the Arab News.

The council referred to a resolution passed at the last summit of the Organization of Petroleum Exporting Countries (OPEC) in Riyadh, in which leaders said they would manage petroleum resources to ensure sustained development and achieve progress and prosperity of future generations.

'The summit also emphasized OPEC's role in stabilizing the world energy market and realizing global progress and prosperity,' state Minister Matlab Al-Nafeesa, who is also secretary-general of the council, was quoted as saying.

'The council also emphasized the kingdom's desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth,' he said.

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