Minister of Foreign Affairs Prince Saud Al-Faisal today chaired a ministerial meeting of Organization of Petroleum Exporting Countries (OPEC) member states in Riyadh today. The meeting, held in advance of tomorrow’s Third OPEC Summit, was attended by foreign, energy, oil and finance ministers.

In remarks on the occasion, Prince Saud noted that the summit is taking place at a time of evolution for the petroleum industry, with high, fluctuating prices and concerns about the industry’s ability to meet market needs. This timing reflects OPEC’s concern with the global situation as well as the aspirations of member nations, Prince Saud said.

The Saudi Foreign Minister also expressed the hope that the summit would issue the Riyadh Declaration, which has been in development for six months and reflects three key themes: stability and security in global energy markets, energy and environmental interdependence, and energy for sustainable development.

In related news, Minister of Petroleum and Mineral Resources Ali Al-Naimi said that he expected the summit to promote cooperation among OPEC members as well as between producing and consuming countries. Al-Naimi made the remarks today in a statement to the Saudi Press Agency.
 

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