JEDDAH: King Abdullah, Custodian of the Two Holy Mosques, presided over a meeting of the Supreme Council for Petroleum and Mineral Affairs (SCPMA), held at his palace here on Monday. The Council reviewed the oil market's conditions and trends, and noted the soundness of the principles of supply and demand and commercial stockpiles of oil, Dr. Mutlab Bin Abdullah Al-Nafeesa, Minister of State, Cabinet member, and member and secretary general of the Council, said in a statement after the meeting. He said the Council also noted that OPEC's production capabilities are sufficient to meet the current and expected international demand. The Council also expressed the Kingdom's commitment to the balance and stability of the oil market, and the credibility of the flow of supplies, in the interest of the producing and consumer countries, Dr. Al-Nafeesa added. The Council expressed its view that OPEC should continue its role as a factor in the oil market's stability, he said in the statement. The Kingdom re-emphasized its firm policy to cooperate with all OPEC member states and support the organization's unity. The Kingdom's policy is also aimed at enabling the organization to shoulder its responsibility to provide the global market with oil and contribute to stability and growth of the world economy, especially in developing countries, the statement said. The Council, then approved the five-year working plan for Saudi Arabian Oil Company (Saudi Aramco) 2012-2016, the annual report of its board for 2010, the general balance sheet and its profit-loss account for 2010, and the appointment of external accounts controller for Saudi Aramco and its affiliates. The Council was also briefed on the technical, financial and statistics report on the activities of companies holding mining licenses in the Kingdom.
