Saudi Arabia is Committed to Petroleum Availability in Global

"Both price extremes have been unjustified and unsustainable, and
such continued volatility poses serious risk. I have often cautioned
that if prices remain too low for too long, they can carry the seeds
of future price spikes and volatility. Ladies and gentlemen, the
bitter yield of such seeds is the danger of impeded recovery,
inadequate supplies for the world’s economic engines, and a vicious
cycle of price instability.

Clearly it is in everyone’s best interests to explore avenues that
can contribute to price stability and foster an investment climate
that serves the interests of producers and consumers alike; does not
limit the prospects of developing nations that need affordable energy
for their economic and social goals; incentivizes developed nations
to conserve energy; and creates an environment conducive to the
development of all viable energy sources.


As this third roundtable explores how to mitigate price volatility
and assure adequate, continuous investment, I believe that our
efforts should include open discussion of factors and issues that
influence energy demand, and can possibly impinge on the willingness
and ability of producers to plan long-range investments for finding
and producing energy resources, and to commit research and
development to energy technologies and processes, including
innovations that enhance recovery of more challenging resources. I
believe that we should champion science and technology to enable
solutions that enhance energy efficiency and sustainability. I also
believe we must renew our commitment to greater transparency by
sharing information on policies, statistics and projections, and
improving their accuracy, including our support of the Joint Oil Data
Initiative development.


Such cooperation and coordination are essential to capacity-building
among energy importers and exporters.


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