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Saudi Arabia working to ensure oil supply



By Upstream staff 

Saudi Arabia said it is working to expand its crude production and refinery capacity in order to maintain world economic growth amid record oil prices.

"The Supreme Council of Petroleum and Mineral Affairs affirmed Saudi Arabia's desire for oil market stability and maintaining supplies to all regions (of the world) at all times to ensure continuing global economic development," a statement yesterday said.

"The Council expressed its satisfaction at the kingdom's work in expanding crude production and refining capacity to help meet global demand," it said.

"The kingdom will work with Opec countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation."

The Council, headed by Saudi Arabia's King Abdullah, met a day after US Vice President Dick Cheney met with Saudi leaders in Riyadh to discuss crude prices.

Washington has said it wants Saudi Arabia, the world’s largest oil exporter, to help raise Opec production to help ease soaring oil prices, reported Reuters.


Monday, 24 March, 2008, 01:08 GMT  | last updated: Monday, 24 March, 2008, 06:22 GMT

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