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Kingdom, OPEC work to stabilize oil supply: Naimi

Last updated: Friday, October 05, 2012 12:42 AM

ANKARA – The Minister of Petroleum and Mineral Resources, Ali Al-Naimi, stressed that Saudi Arabia and OPEC have made their contributions to ensure oil supplies in global markets and price control.

In a speech Wednesday at the opening ceremony of the 5th International Energy Conference here, Al-Naimi said: “My talk to you today is about three key areas: Economy, energy, and the close relationship growing between the Kingdom of Saudi Arabia and Turkey.”

“We are here to discuss the impact of economic and political unrest sweeping the region and the world. It has become clear that global economy is exposed to strong headwinds coming from Europe, and to a lesser extent from the United States. It is imperative to have a negative impact on the global economy,” the minister said.

He said that the United States and Japan were taking positive steps to support their economies, as were China and other countries.

“Some countries will suffer severely during the years of austerity to come.

We have to balance between negative mood prevailing and the most positive outlook in Africa, Asia, and the Middle East,” Al-Naimi said.

He said it is clear that Turkey, like Saudi Arabia, has become a significant economic power, making the Turkish economy ranked 16th among the top economies in the world.

“While the Turkish economy turns from agriculture and heavy industry to the service sector growing in the era of globalization, the Kingdom of Saudi Arabia is in a stage of transformation as well, and is experiencing a phase of unprecedented economic growth, investing in a wide variety of projects, ranging from infrastructure to new and modern medical facilities and educational institutions,” he said.

“In the first quarter of 2012, prices were edging rather too high in our opinion. Saudi Arabia...worked hard to allay concerns over supply and help bring the price down to reasonable levels,” Al-Naimi said.

“Those concerns have not entirely disappeared, so I would like to repeat the point, here today. There is no shortage of oil, inventories remain adequate and any additional demand can – and will – be met,” he said. “I hope that the sum total of these efforts will result in further stability,” Al-Naimi added.

The price of brent – the most widely used benchmark globally – was above $109 a barrel Thursday. – SG/SPA

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