Al Naimi speaks at G-8 Meeting of Energy Ministers

Rome, May 25, SPA -- Ali Al Naimi, the Saudi Minister of Petroleum
and Mineral Resources affirmed today that the Kingdom's investment
policy is characterized by far-sightedness and it is not affected by
turbulences in energy and market policies alike.

He made these remarks at G8 meeting of energy Ministers' second
session entitled "Energy Investments for Security And Sustainable
Development," in Rome.

The Following are Al Naimi's remarks at the meeting:

"The tumultuous events we have witnessed in energy markets and in
the broader global economy over the past year serve as a powerful
reminder that we live in a complex and increasingly interdependent
world -- one in which consuming and producing countries must work
closely together as we strive to ensure a stable and secure energy
future. In recent years, we have made progress in fostering
productive dialogue, particularly through the framework of the
International Energy Forum and more recently at the Jeddah and London
energy meeting held last year. And we have improved our ability to
synchronize policy action in times of crisis. But this is only a
beginning and much work needs to be done. I believe this timely
meeting represents a significant opportunity to examine the key
energy challenges we face.

Today, the oil industry is confronted with faltering demand and
significantly lower prices. This contrasts with the market psychology
we witnessed just a year ago, when the widespread perception of
supply shortages and the fear of disruptions fueled speculation which
played a significant role first in pushing oil prices to record highs
and then in accelerating their subsequent collapse. policy action in
times of crisis. But this is only a beginning and much work needs to
be done. I believe this timely meeting represents a significant
opportunity to examine the key energy challenges we face.

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