Kingdom seeks oil price stability

The Kingdom remains committed to a stable oil market and will continue to communicate with major producers to prevent price fluctuations.

This was the message from the country’s Cabinet ministers at their meeting held at Yamamah Palace in Riyadh on Monday chaired by Custodian of the Two Holy Mosques King Salman, according to a report carried by the Saudi Press Agency.
The ministers had discussed the deliberations of the Cambridge Week for Energy Research in Houston on the international oil market, and reiterated that the government remained committed to meeting a “large share of global energy demand on a purely commercial basis.”
The Cabinet stated that Saudi Arabia “invests huge amounts of money to maintain its vital reserve capacity to help meet additional demand, or deal with global supply disruption if necessary.”
The ministers thanked Crown Prince Mohammed bin Naif, deputy premier and interior minister, for inaugurating the electronic board for the support of martyrs, which would ensure that the country never forgets citizens martyred in defending the nation.
The Cabinet also commended the Interior Ministry’s commitment to speed up its services on the Absher system and the launch of a mobile phone application that would allow citizens to become part of the country’s security apparatus by reporting crime, accidents and disasters more effectively.
On the international level, the Cabinet renewed the Kingdom’s condemnation of the terrorist attacks and bombings that took place in Cameroon, Somalia and Afghanistan.
Locally, the Cabinet welcomed the efforts of the security forces and other agencies, in cooperation with regional and international law enforcement bodies, to prevent attempts to smuggle drugs into the Kingdom.

The Cabinet was briefed on the outcome of the meetings of the G-20 finance ministers that concluded in Shanghai, China, where the participants explored key developments in the global economy, including fluctuations in financial markets; and discussed ways for developing and emerging countries to work together.
The Cabinet also approved a memorandum of understanding between the Saudi Presidency of Youth Welfare and the Ministry of Sports and Tourism in Belarus; and authorized the Ministry of Finance to sign a draft agreement with Belgium and Cyprus for the avoidance of double taxation and prevention of tax evasion.
The Cabinet authorized the Ministry of Foreign Affairs to discuss with Macedonia and Bangladesh draft memorandums of understanding regarding political consultations.
It further approved amendments to the International Convention on Standards of Training and Issuing of Certificates and Shift Work for Workers at Sea for the year 1978, issued by the World Conference of the International Maritime Organization held in Manila in 2010.
The Cabinet also approved the appointment of three members to the board of directors of the Real Estate Development Fund for three years: Taha bin Abdullah bin Ibrahim Al-Quwaiz, Hamed bin Mohammed bin Hamed Fayez and Abdullah bin Mohammed bin Abdullah Al-Othman.