Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz opened the new headquarters of the International Energy Forum Secretariat (IEFS) in Riyadh today. In remarks at the inauguration ceremony, King Abdullah said that Saudi Arabia’s oil policy is honest and transparent, and that it is based on two main objectives: a fair and reasonable price for oil and ensuring an adequate oil supply for consumers. In order to realize these objectives, the King said, Saudi Arabia has increased its production capacity without jeopardizing the interests of future generations or damaging its oil fields.
However, he said, the efforts exerted by producing countries are only fruitful when they are combined with a positive attitude in the major consuming countries. These consuming countries should reduce taxes on petroleum products when oil prices rise in order to reduce the burden on their citizens, King Abdullah said. Consumers should also limit market speculation and refute rumors or misleading information that can affect the market.
The King also commented that the Kingdom’s oil policy reflects its overall policy approach, which is to seek dialogue instead of argument and cooperation rather than confrontation.
In addition to opening the IEFS headquarters, King Abdullah also launched the new Joint Oil Data Initiative (JODI) world oil database, which is designed to enhance transparency of the world oil markets by including oil-related data from over 90 countries.
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