Arab Press "Oil Briefs"

<a href=www.arutzsheva.org>Arutz Sheva, 13:11 Jun. 20, '03 / 20 Sivan 5763

Ain al-Yaqeen, a Saudi-backed internet magazine, included in a recent edition a series of news briefs regarding the oil industry in Saudi Arabia.

"Saudi Minister of Petroleum and Mineral Resources Ali Ibn Ibrahim al-Naimi," reported Ain al-Yaqeen, "affirmed that all Oil producing countries are carrying out important roles and that relationships among them are on 'sound footing'." The minister reassured his audience at the 10th International Caspian Oil and Gas Exhibition and Conference, in Baku, Azerbaijan. He said, "Oil is still the indispensable fuel for today's ever-industrializing world and it will certainly not relinquish its primary position over the next three decades at a minimum." Until then, he explained, the demand for oil will grow by up to "a full 40% of today's production." In order to meet that demand, the internet newspaper quoted the Saudi minister, the oil industry will require an "environment of stable oil prices, and will require large and continuing investments in all parts of the world and at all levels of industry."

In another cross-cultural oil industry moment, the Oil Ministers of the Kingdom of Saudi Arabia, Mexico and Venezuela issued a joint statement on current international oil markets, reports the Saudi media. Following a tripartite meeting in the Spanish capital of Madrid, Minister al-Naimi, the Mexican Energy Minister, Ernesto Matenz, and the Venezuelan Minister of Petroleum and Mineral Resources, Rafael Ramirez, said that, thanks to cooperation between member states of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, producing countries have been able to supply international oil markets with petroleum requirements. The oil-producing states, the ministers continued, used their recent surpluses to alleviate some potential crises; however, they also cited the importance of the return of Venezuela, Nigeria and Iraq to normal oil production. "The statement stressed the importance of the continuation of cooperation between the three countries to achieve their goal of oil market stability, in the interests of producer and consumer countries, the oil industry and the global economy," reported Ain al-Yaqeen.

But not all international oil-based relationships go smoothly... Saudi Arabia recently cancelled a $15 billion gas project, the largest in nearly 30 years, with the Exxon Corporation. The cancelled project, known as Core Venture One, was also to have involved such corporations as Royal Dutch Shell, BP and Conoco Phillips. Exxon and fellow consortium members were to develop gas reserves in the South Ghawar field in Saudi Arabia, reports Ain al-Yaqeen. No reasons for the cancellation were reported.