TAIF, 31 July — Saudi Arabia, the world’s leading oil
exporter, yesterday vowed to preserve international oil market
stability with a view to serving the interests of both producers
and consumers.
The assurance came after a meeting here of the Supreme
Petroleum Council (SPC) chaired by Prince Abdullah, the regent,
and attended by Prince Sultan, second deputy premier and minister
of defense and aviation.
“The Council affirms the continuity of the Kingdom’s oil
policy aimed at achieving stability in the oil market in order to
guarantee the interests of producers and consumers, continuity of
world economic growth and stability of oil supplies and prices at
reasonable levels,” a statement issued after the meeting said.
Saudi Arabia has been instrumental in working with OPEC and
non-OPEC producers to maintain oil prices within a band of $22 to
$28 a barrel. The market responded favorably to the SPC decision
as benchmark Brent crude prices for September delivery stood at
$25.42.
However, stability in the oil markets, as well as prices, has
looked vulnerable in recent weeks after non-OPEC members,
especially Russia, abandoned the agreement and began pumping an
extra 150,000 barrels daily. The SPC meeting endorsed Saudi
Aramco’s work plan for the next five years, its general budget
and financial report for 2000 and 2001. It also appointed external
auditors to verify the accounts of Aramco and its affiliates.
The meeting took six decisions related to the mining sector,
which was expected to make eight percent growth in the current
Seventh Five-Year Development Plan. The Kingdom is set to issue a
new law for investment in the sector.