Custodian of the Two Holy Mosques King Fahd bin Abdulaziz today chaired the regular weekly meeting of
the Council of Ministers, which stressed that the Organization of Petroleum Exporting Countries (OPEC)
could not be held accountable for any harm to the global economy or for triggering energy price increases.
The cabinet praised the Caracas Declaration issued at the end of the Second OPEC Summit, which was
attended by Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin
Abdulaziz. Commenting that it came within the framework of cooperation and solidarity among OPEC's
member states, the cabinet declared that the Summit took into consideration the interests of the consuming as well as the exporting countries concerning this strategic substance that constitutes a key
source of energy and considerably contributes to global economic development.
King Fahd reiterated that Saudi Arabia fully supports the Caracas Declaration and confirms its repeated call for consolidation of relations between OPEC and other oil producing countries on the one hand and the cartel and oil consuming countries on the other, within a framework of dialogue, understanding, and
mutual interests, since the stability and equilibrium of the oil market remains the common responsibility of all parties. He went on to say that the Summit confirmed a number of principles for strengthening OPEC's future role and its contribution to global prosperity, citing the Caracas Declaration's demand that consumer countries adopt fair and proper stances towards the world's energy markets and reconsider their policies by alleviating the tax burden for the sake of consumers. The cabinet also cited the fact that, arising from its continued call for dialogue among all parties, the Kingdom is hosting the 7th energy forum [in November] to further consolidate and strengthen the concept of dialogue between oil producers and consumers in order to realize greater stability in the oil market and maintain the growth of the global
Turning to the Middle East situation, the cabinet reiterated the Kingdom's denunciation of the brutal Israeli
aggression on Palestinian citizens in the Holy City of Al-Quds [Jerusalem] and in the occupied Palestinian
territories, acts that have resulted in a number of deaths and a great many injuries. This serious aggression by Israel, during which various weapons were used against unarmed Palestinians, is part of the
ongoing violations of very simple principles and international regulations and norms, an affront to the
feelings of the Islamic world as well as the Palestinian people, a violation of the sanctity of sacred Muslim
places, and a breach of the principles of peace and the UN agreements that seek to bring about peace in
the region. Such practices always prove Israel's disregard for peace and its going too far in creating
obstacles and using violence against unarmed people in defiance of all international charters and treaties.
The cabinet reiterated the Kingdom's call to the world community to take the necessary measures to
guarantee the protection of the Palestinian people who are subjected to killing and displacement, as well
as protection of the holy shrines in Al-Quds [Jerusalem], and not to leave them vulnerable to more Israeli
Turning to domestic matters, the cabinet authorized the Chief of Civil Aviation to sign a draft agreement
with the Sultanate of Oman regarding air services both within their territories and overseas; the Minister of Interior or his deputy to discuss a draft agreement on security cooperation with the People's Republic of
China; and Minister of State and Cabinet Member Dr. Musaed bin Mohammed Al-Eiban to discuss a draft
agreement on maritime transportation with the Republic of Korea.