Saudi students bag 27 awards at Regeneron ISEF 2024    Civil defense issues weather warning amid forecasted thunderstorms    Public security launches online service for reporting financial fraud on Mada cards via Absher    Ministry of Interior reports over 16,000 violations in latest inspection campaign    Aramco signs three MoUs with American companies to advance lower-carbon energy solutions    King Abdulaziz University launches female admissions in maritime studies    Palestinian death toll nears 35,400 as Israel continues to pound Gaza    Pro-Palestinian protests continue across US campuses amid arrests    White House confirms evacuation of 17 American doctors from Gaza hospital    Tense calm in New Caledonia as France increases security presence    Jorge Jesus praises Al Hilal's resilience after dramatic last-minute draw in Riyadh Derby    Saudi Arabia's RGA implements innovative road technology for Hajj season    Star golfer Scottie Scheffler arrested over alleged assault on police officer    Saudi Arabia joins International Agency for Research on Cancer    Row erupts over portraits of Australia's richest woman    Al-Ittihad's victory drought continues, misses chance to qualify for ACL elite    Al Ittihad CEO frustrated with 'not positive' SPL feedback, announces internal assessment    Cognite Data Fusion now available on Google Cloud in Saudi Arabia    Indian spices face heat over global safety concerns    Glioblastoma: Top Australian doctor remains brain cancer-free after a year    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Minister of Petroleum meets with British Secretary of State for Energy and Climate Change
Published in Saudi Press Agency on 06 - 04 - 2011

Ali I. Al-Naimi, Minister of Petroleum & Mineral Resources, held talks at his office in Riyadh today with Chris Huhne, British Secretary of State for Energy and Climate Change, and the accompanying delegation in the presence of Prince Abdulaziz bin Salman bin Ab dulaziz, Assistant Minister of Petrleum and Mineral Resources for Petroleum Affairs and Prince Faisal bin Turki bin Abdulaizz, Consultant at the Ministry of Petroleum and Mineral Resources.
Several issues were discussed during the meeting, the most important of which being the international petroleum market conditions and the importance of market stability in terms of supply and demand and prices in a way that contributes to global economic growth with no negative effects on consuming countries; particularly emerging and developing economies, global petroleum industry, or energy industry in general.
The two sides agreed that the current high prices are due primarily to misinformation, exaggerated negative expectations and speculation. They are not connected to market essentials in terms of supply, demand and commercial stock levels. Hence, cooperation between consuming and exporting countries is important whether through the Secretariat General of the International Energy Forum , or bilateral action to stabilize the market, avoid extreme price fluctuations and decrease the volume of misinformation and exaggerated expectations which harm the petroleum market.
The British Secretary of State for Energy and Climate Change commended the Kingdom's efforts to guarantee stability of the international petroleum market through provision of supplies to the market and maintaining surplus capacity.
Also discussed during the meeting were the environmental conditions and climate change, international talks in this regard, the importance of cooperation between the Kingdom of Saudi Arabia and Britain in order to reach international agreements that do not undermine world economic growth or peoples' well-being, while helping at the same time to reduce pollution and emissions, such as carbon dioxide.
In this respect, the meeting reviewed cooperation between the two countries within the 4-kingdom group that includes, along with Saudi Arabia and Britain, Norway and the Netherlands, to inject the carbon dioxide into oil fields. Both Saudi Arabia and the United Kingdom are conducting pioneer experiments in this field.
The meeting also reviewed some important international developments in oil producing and consuming countries, particularly the situation in Libya that led to shortage of production, and the situation in Japan where some oil refineries and nuclear-run power stations were shut down.
Despite these tragic developments, the global energy market; characterized by excess production and refining capacity, flexibility and smoothness of trade and movement in the international oil market, inter-reliability and continuous international cooperation, has contributed to the avoidance of any negative impact.
At the end of the meeting, the two sides focused on the importance of continuing bilateral cooperation, exchanging visits, and encouraging joint investment in the fields of petroleum and energy.
The meeting was attended by Abdulrahman bin Mohammad Abdulkarim, Counselor for Companies' Affairs; Dr. Ibrahim al-Muhanna, Dr. Ahmed al-Ghamdi, and Dr. Mohammad al-Sabban, advisors at minister's office; and Ali H. al-Twairqi, Director General of the Office of the Minister of Petroleum and Mineral Resources. The meeting was also attended by the accompanying delegation and Britain's Ambassador to Saudi Arabia Tom Philips.


Clic here to read the story from its source.