Saudi King Fahd Hails "Fruitful" Dialogue Between Oil Producers, Consumers
November 22, 2000 - 0:0
RIYADH Saudi King Fahd hailed the "fruitful" dialogue between oil consumers and producers at the weekend International Energy Forum, saying it would contribute to market stability, AFP quoted newspapers as reporting Tuesday.
King Fahd, whose country is the world's biggest oil producer, said during the cabinet meeting Monday he "welcomed the fruitful dialogue that marked the 7th International Energy Forum which the kingdom hosted".
He also hailed the forum's "desire to establish a cooperation between producer and consumer countries that would guarantee the stability of the oil market and would have a positive impact on world economic growth and its continuation".
"The organization of the forum by the kingdom conveys its permanent action and active role in international cooperation to start up channels of dialogue with a view to constructive agreement between producer and consumer countries in the interests of all," he said.
"This must be continued in the future," King Fahd stressed.
The three-day forum, which gathered delegates from more than 50 countries, ended Sunday with no concrete results on how to lower prices and secure steady oil supplies but the two sides did agree on further dialogue to try to reconcile their differences.
Oil-rich Saudi Arabia is set to maximize the huge revenues it is reaping from high oil prices by kickstarting development projects and diversifying the economy.
"We plan both to relaunch projects that have been put on hold and launch new projects within the next budget," Saudi Defense Minister Prince Sultan bin Abdul Aziz announced.
High oil prices have allowed the kingdom to "grant large amounts of aid to farmers and continue to pay down its public debts" estimated at around 500 billion rials ($133 billion), Prince Sultan said.
"We hope to pay off all debts within two years," he added, quoted by the official SPA news agency.
According to a recent Saudi British Bank report, the kingdom's oil revenues for 2000 will be at least 170 billion rials ($45.3 billion) and likely put the kingdom on the path of a budget surplus -- for the first time since 1982 -- of almost one billion dollars.
The report said oil prices, which have peaked at $35 a barrel over past weeks, have averaged 60 percent more than the conservative figure of $19 a barrel on which oil revenues were calculated in the budget.
King Fahd, whose country is the world's biggest oil producer, said during the cabinet meeting Monday he "welcomed the fruitful dialogue that marked the 7th International Energy Forum which the kingdom hosted".
He also hailed the forum's "desire to establish a cooperation between producer and consumer countries that would guarantee the stability of the oil market and would have a positive impact on world economic growth and its continuation".
"The organization of the forum by the kingdom conveys its permanent action and active role in international cooperation to start up channels of dialogue with a view to constructive agreement between producer and consumer countries in the interests of all," he said.
"This must be continued in the future," King Fahd stressed.
The three-day forum, which gathered delegates from more than 50 countries, ended Sunday with no concrete results on how to lower prices and secure steady oil supplies but the two sides did agree on further dialogue to try to reconcile their differences.
Oil-rich Saudi Arabia is set to maximize the huge revenues it is reaping from high oil prices by kickstarting development projects and diversifying the economy.
"We plan both to relaunch projects that have been put on hold and launch new projects within the next budget," Saudi Defense Minister Prince Sultan bin Abdul Aziz announced.
High oil prices have allowed the kingdom to "grant large amounts of aid to farmers and continue to pay down its public debts" estimated at around 500 billion rials ($133 billion), Prince Sultan said.
"We hope to pay off all debts within two years," he added, quoted by the official SPA news agency.
According to a recent Saudi British Bank report, the kingdom's oil revenues for 2000 will be at least 170 billion rials ($45.3 billion) and likely put the kingdom on the path of a budget surplus -- for the first time since 1982 -- of almost one billion dollars.
The report said oil prices, which have peaked at $35 a barrel over past weeks, have averaged 60 percent more than the conservative figure of $19 a barrel on which oil revenues were calculated in the budget.