2003 Press Release

Saudi Arabia voices concerns about global economy

The Kingdom of Saudi Arabia has expressed concerns over slow global economic recovery and growth.  In addition, world tensions and possible war continue to apply upward pressure on oil pricing and, in turn, weaken the global economy.

In a speech on Wednesday before the National Conference of Mayors, Ambassador Prince Bandar bin Sultan said, “My government is ready to do more in the next two to three weeks to help bring down oil prices, if we do not see prices stabilize at or below $28 per barrel.”

Saudi Arabia is the only major producer that has the ability to rapidly increase production and help manage world prices.

“We’ve always believed that when our American friends catch cold, we catch pneumonia in our part of the world,” stated Prince Bandar.  “The health of the American economy is very important to us and our daily lives.”