RIYADH, Saudi Arabia, AP – Saudi Arabia will continue a moderate oil policy to ensure a stable world economy, King Abdullah said Saturday.
In an address to the appointed Shura Council, the closest thing the kingdom has to a parliament, the king also said there is “no room … for extremism” in the kingdom and vowed to crush what he described as a “misguided group of terrorists and murderers.”
“We will continue our moderate policies in the production of oil, in its pricing and in protecting the international economy from instability,” the king said.
His remarks on his nation’s oil policies are important at a time when prices appear headed back toward $70 a barrel, a level not seen since Hurricane Katrina battered the Gulf Coast.
Saudi Arabia holds over 260 billion barrels of proven oil reserves, a quarter of the world’s total. It currently produce about 9.5 million barrels per day, or 11 percent of global consumption.