RIYADH: Saudi Arabia, which holds the world’s largest oil reserves, seeks to guarantee fair oil prices and boost output capacity to meet rising demand, the country ruler King Abdullah said yesterday.
The king in a speech to the Shura Council, the ruler’s consultative body, said the country is working to boost “crude oil output capacity to meet its meet its development needs and international economic needs.”
Saudi Arabia is the most influential and largest member of Organisation of Petroleum Exporting Countries.
The Gulf kingdom in March produced 8.65mn barrels a day of crude oil, according to a survey by Dow Jones Newswires.
King Abdullah said the government was continuing to support the private sector and was taking steps to remove obstacles facing Saudi and foreign investors in the kingdom.
“The country has exceeded its development targets,” the king told the Shoura council. But “some regions need extraordinary care to achieve development,” he added.
The king also said all Gulf states had the right to a “peaceful nuclear programme”.
King Abdullah’s statement came amid tensions in the Gulf region over Iran’s nuclear programme.
The comment also follows GCC’s decision in a meeting in Riyadh in December to develop a nuclear power programme to meet the region’s soaring power demand. – Dow Jones Newswires