Saudi Arabia plans to establish National Center for Energy Conservation

October 21, 2010

Assistant Minister of Petroleum and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz has announced that Saudi Arabia intends to establish a National Center for Energy Conservation at the King Abdulaziz City for Science and Technology. Prince Abdulaziz shared the news on the sidelines of the International Energy Symposium organized by the Saudi Ministry of Petroleum and Mineral Resources on the occasion of the 50th anniversary of the founding of the Organization of Petroleum Exporting Countries (OPEC).

During his chairmanship of a session entitled “Relations among OPEC and Other International Organizations,” Prince Abdulaziz stressed the importance of dialogue between producers and consumers of oil and gas, as well as constructive discussion among OPEC members, the International Energy Agency (IAEA) and the General Secretariat of the International Energy Forum in order to ensure adequate oil supplies and price stability.

Meanwhile, at a press conference on the sidelines of the symposium, Minister of Petroleum and Mineral Resources Ali Al-Naimi affirmed that oil producing countries consider a price ranging between $70 and $80 per barrel is a fair one, stressing that the price is no longer in the hands of producers, but is subject to market mechanisms.

In a working paper presented to the gathering, Al-Naimi highlighted the Kingdom’s commitment to the continued, responsible role of OPEC in providing energy to the world. He stressed that Saudi oil policy is based on moderation concerning the market and the continuing development of its oil fields to provide adequate supply while maintaining excess capacity to cope with price fluctuations.