Saudi Arabia assures oil market of adequate supply

Saudi Arabia, world's largest oil exporter, has iterated its commitment to stabilize the international market by ensuring adequate supply.

The assurance came after a meeting of the Saudi Arabia's Supreme Council for Petroleum and Mineral Affairs, which was chaired by King Abdullah.

The meeting, which reviewed world oil market developments, referred to the resolution taken by the last Organization of the Petroleum Exporting Countries' summit in Riyadh in which leaders said they would manage petroleum resources to ensure sustained development.

"The summit also emphasized OPEC's role in stabilizing the world energy market and realizing global progress and prosperity," the Saudi Press Agency quoted State Minister Dr Matlab Al-Nafeesa, secretary-general of the council, as saying.

"The council also emphasised the kingdom's desire for oil market stability, and ensuring supplies to different regions at all times to maintain world economic growth," he said.

The summit expressed its satisfaction over the progress of work at new investment projects in order to expand oil production and refine capacity.

"The kingdom will work with OPEC countries, other producers and consuming countries toward oil market stability and to avoid the effect of harmful speculation," the statement said.

US Vice President Dick Cheney this week visited the kingdom and discussed oil prices and other major issues with Saudi leaders.