Saudis Seek Joint Action With Consumers on Oil Prices
"There is a need for a general policy between (industrialized consuming) countries and exporters to reduce the burden on ordinary consumers," Prince Nawaf bin Abdulaziz said in an interview with the Financial Times published Thursday.
His call comes as the Saudi Supreme Petroleum Council said Wednesday that instructions had been given to its Oil Minister Ali al-Nuaimi, to work with other members of OPEC "toward a suitable increase" in crude production.
Prince Nawaf, who is one of King Fahd's senior brothers, said that high prices should not be blamed solely on producers. Previous attempts by OPEC to increase production had neither solved the problem nor alleviated the burden on consumers.
What was necessary was a coordinated strategy by producers and consumers, which would take into account the effect of taxes on petrol, he suggested.
The prince, who is said to be close to Crown Prince Abdullah, insisted the kingdom remained committed to cooperate with OPEC, disputing Western reports that have tried to portray divisions over Saudi Arabia wanting to boost production unilaterally.
"The basis of the Saudi Arabian position is that it is not in the interests of producers for oil prices to reach levels that are too high," he said.
Regarding Washington's attempts to pressure producers on prices because of the forthcoming U.S. presidential election, Prince Nawaf said the Saudi position has its domestic economy "in mind." High oil prices were not in the kingdom's long-term interests, he said.
(IRNA)