Oil Minister leads delegation to OPEC meeting in Vienna

December 12, 2012

Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi led the Saudi delegation to the 162nd ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) today. In a statement, Al-Naimi said that the goal of the meeting was to maintain the stability of the international oil market to serve the interests of both producing and consuming countries and the global economy as a whole. After the deliberations, the OPEC members agreed to maintain the current production ceiling of 30 million barrels per day until the next meeting, scheduled for May 31, 2013.

Speaking to the press, Al-Naimi predicted that the oil market will maintain its balance, in terms of pricing and supply and demand, over the next year. He said that the Kingdom is interested in maintaining energy stability in order to positively affect the global economy, adding that Saudi Arabia is particularly concerned with the economies of developing countries.