Al-Naimi addresses London Energy Ministers Meeting 10 London

However, despite their impressive scale and scope, Saudi Arabia's
mega-projects alone will not be enough to address future global oil
market requirements. Our industry is far bigger than any single
company or nation. All stakeholders must do their part.

That cooperative spirit means we must overcome fear and mistrust, and set aside political and ideological interests. Clear business practices,
open communication and a commitment to partnership are the keys to
reducing uncertainty and achieving sustainability.

Such a shared commitment, investment-friendly government policies, a
cooler political climate and steps to dampen irresponsible financial
speculation will help resolve current market challenges and promote a
return to sustainable enonomic growth and price stability.

The beauty of such cooperation is that it reminds us how the things
we have in common far outweigh the things that make us different.
Around the world, people may speak different languages, we may wear
different clothes, eat different foods. Our cultures, our histories,
our geographies may diverge. But as much as we can seem foreign to
each other, at the end of the day, people around the world are so
very much alike. We all want to be happy. We want our children and
our children's children to enjoy every opportunity we have had, and
more.

To that end, Saudi Arabia hopes that our meeting today contributes to
the shared commitment by the world's producers and concumers towards
a commmon goal of secure, sustainable and reasonably priced energy.
We hope that the issues of this meeting as well as those of Jeddah's
will be followed up in the next IEF ministrial meeting in Mexico in
2010 as the next milestone in this crucial dialogue during which we
hope that the world will be closer to this common goal.

Thank you".
--SPA