Custodian of the Two Holy Mosques King Abdullah yesterday presided over a meeting of the Supreme Council for Petroleum and Mineral Affairs and reviewed the world oil market situation.
"The council observed the soundness of the basics of demand and supply and commercial stock of petroleum," said State Minister Matlab Al-Nafeesa, secretary-general of the organization.
It also pointed out that OPEC's production capabilities are enough to meet present and expected global demand. The council reiterated the Kingdom's desire to maintain oil market stability by ensuring adequate supply.
The council noted OPEC's role as a stabilizing force in the international market and emphasized the Kingdom's cooperation with all OPEC members to support its efforts in achieving global economic growth and stability.
The council approved Saudi Aramco's five-year working plan (2012-2016) and the 2010 annual report of its board of directors. It appointed an external auditor for the company and its affiliates. It also reviewed the technical and financial reports regarding companies licensed to carry out mining operations.