Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi has confirmed that oil production and export facilities in the Kingdom are in harmony with current market demands, and oil exports and shipments are proceeding on a regular planned schedule.
The Kingdom is committed to keeping oil prices and the market as stable as possible despite disruptions that may arise as a result of military actions in Iraq. Saudi Arabia will continue to implement the resolutions of the 124th conference of the Organization of Petroleum Exporting Countries that stressed OPEC's readiness to make supplies available under any circumstances.
Saudi Arabia sits on the world's biggest oil reserves with an estimated 261 billion barrels and has proven natural gas reserves of 220 trillion cubic feet. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
