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Saudi King Reveals Domestic, Foreign Plans - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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