Minister of Petroleum and Mineral Resources Ali Al-Naimi, in a speech today to the conference on energy - 'U.S.-Saudi partnership in a changing energy world'- at the Center for Strategic and International Studies (CSIS) in Washington DC, reaffirmed the Kingdom’s commitment to maintaining a stable and secure energy supply. Commenting on the current state of the global oil market, he declared: “I want to emphasize that the problem is not a lack of resources. …… Rather, the current impediments include, for example: the proliferation of product specifications, a myriad of regulations, infrastructure bottlenecks, and a lack of accurate and timely data needed to improve market transparency.”[Full text of speech]
Yesterday Minister Al-Naimi held talks with U.S. Secretary of Energy Samuel W. Bodman, and discussed issues of common interest in the area of energy and oil market stability.
Minister Al-Naimi also addressed a reception on May 16 held by the U.S.-Saudi Arabian Business Council, which was attended by a number of senior officials from the U.S. Department of Energy.