Saudi Arabia pledged Friday at the opening of a major oil forum to work in concert with other producers and consumers to bring stability to the raging oil markets.
"The kingdom, because of the oil riches God granted it, is conscious of its responsibility and is working with other producers and consumers to ensure the level of stability required on the international oil markets," said Crown Prince Abdullah bin Abdul Aziz.
This would also "guarantee the interests of both the producers and the consumers," he said in an opening address to the 7th International Energy Forum.
The prince reiterated the kingdom's commitment to "continue supplying the oil necessary for world economic growth and its readiness to increase production if such a measure is needed."
At a time or record crude costs and calls for producers to act to cut prices, some 55 producing and consuming nations and organizations have gathered for the three-day meeting, the organizers said.
Organizations represented include the Organization of Petroleum Exporting Countries (OPEC), the UN Development Program, the World Bank, the International Energy Agency (IEA), the European Commission (EC), APEC and the Association of South East Asian Nations (Asean) -- RIYADH (AFP)
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