Minister of Petroleum and Mineral Resources Eng Ali Al-Naimi has reiterated the keenness of the Kingdom of Saudi Arabia on stabilization of the oil market through providing the world with ample quantities of oil, and through keeping moderate prices that benefit the oil producing countries and positively contributes to the growth of the world economy, notably the economies of the developing countries. Addressing a press conference here today on the fringes of the counter-terrorism international conference, currently in progress here, Al-Naimi said the Kingdom cooperates with OPEC member states, and coordinates with oil consuming countries either on a bilateral level or through the International Energy Forum. The Forum's secretariat is hosted by the Kingdom. Al-Naimi highlighted the Kingdom's significant role in the stabilization of the international oil markets as well as its role in moderation of the oil prices. He noted that the Kingdom preserves a surplus productive capacity which amounts to about two million barrels per day, and this surplus could be used when international supplies face shortage. Al-Naimi said the Kingdom increased its oil production last year to confront the increasing demand, and it was able to increase its productive capacity to 11 million barrels per day. --MORE 1441 Local Time 1141 GMT
