Saudi Arabia Vows Measures To Bring Down Oil Prices

Saudi Arabia announced yesterday it would work individually and in coordination with the GCC countries and other producers to ensure an adequate oil supply to bring down prices to reasonable levels that could accelerate global economic recovery.

The Council of Ministers, chaired by Custodian of the Two Holy Mosques King Abdullah, took the landmark decision after realizing the negative impact of rising oil prices on the world economy, especially on the economies of developing countries.

The Cabinet meeting reiterated Saudi Arabia’s efforts to stabilize the international oil market as it was the largest oil producer and exporter in the world enjoying surplus production capacity and maintaining good relations with other countries.

“The Kingdom will work individually and in cooperation and coordination with GCC and other producers inside and outside OPEC … to ensure adequate oil supply, stabilize oil market and bring down oil prices to reasonable levels acceptable to both producers, consumers and the petroleum industry,” the Cabinet said.

The Cabinet made this statement while reviewing the results of a ministerial conference organized by the International Energy Forum in Kuwait, which drew delegates from more than 70 countries.

At the outset of the Cabinet meeting, King Abdullah briefed the ministers on the outcome of his contacts with world leaders over the past week including his meeting with King Abdallah of Jordan and his telephone conversation with King Juan Carlos of Spain.

Culture and Information Minister Abdul Aziz Khoja said the Cabinet meeting discussed the latest developments in the Arab world and emphasized the need to stop the bloodbath in Syria immediately on the basis of Arab League resolutions. It also called for quick steps to facilitate the supply of relief supplies among Syrian refugees.

Accepting a proposal made by Crown Prince Naif, deputy premier and minister of interior, the Cabinet approved a system for appointing and admitting relatives of security officers who died while defending the Kingdom at universities and colleges.

Wives, children, parents and other dependents of the dead officers will benefit from the program, irrespective of their number. If the officer was not married and had no grown up children, then his two brothers or sisters would get employment. This will not affect the right of his minors to get employed when they come of age.

The martyr’s children and relatives will be admitted to universities, military and professional colleges and training institutes and will be given priority in internal and external scholarship programs, applying minimum conditions on them.

Khoja said the Cabinet endorsed an agreement with the UK for cooperation in health. The accord was signed in London on April 4, 2011. It also approved the financial statement of Saudi Railway Organization for 2010 as well as the financial statement of Saudi Industrial Development Fund for 2009.

The Cabinet appointed Khaled bin Muhammad Al-Heij, deputy mayor for construction and projects in Makkah; Muhammad bin Ahmed Al-Rashid, adviser at the Saudi Geological Survey; Abdullah bin Muhammad Al-Shahri, director general of information technology at the Presidency of General Intelligence; and Abdul Aziz bin Ibrahim Al-Hafiz, director general of administrative and financial affairs at Dammam Mayoralty.

Meanwhile, the newly appointed Saudi ambassadors took oath of office in front of King Abdullah yesterday. They are Prince Mansour bin Khaled bin Abdullah Al-Farhan (ambassador to Spain), Muhammad Al-Salloum (Austria), Raed bin Khaled Qarmali (Greece) and Muhammad bin Mahmoud Al-Ali (Libya).

The king urged the new ambassadors to take care of Saudi citizens, especially when they are involved in any cases or accidents. “You have to deal with them immediately and do not differentiate between citizens who are under your responsibility,” the king said.

The ambassadors thanked the king for his instructions and promised him that they would follow it to the letter. Defense Minister Prince Salman, Foreign Minister Prince Saud Al-Faisal and State Minister and Commander of the National Guard Prince Miteb bin Abdullah attended the ceremony.