(MENAFN- Saudi Press Agency) He stated that the oil market is an international and developing one. However, it is developing with a slow pace in the current time, he said, adding that he believes that there is room for all producing countries to come up with their plans. But during imbalance of supply and demand, countries with low-cost production will definitely have a privilege than those with high-costive machine. In this regard, Saudi Arabia will become the most benefiter.
He noted that recess period has, of course, its difficulties. But also it has its benefits, he said, citing the oil companies going to take more firm approach and focus on enhancing of its productivity skills. This is applicable to Saudi Arabia government-run oil company of Aramco, he added.
He concluded that the stability of oil market will remain our goal but, despite that we could never stop the fluctuating investment ups and downs of oil market which will show-up from time to time, we could work to alleviate and control them. It is important that all oil producing countries- OPEC and non-OPEC- continue to focus on common long-run objectives of guaranteeing the stability of the market, achieving sustainable future development for all producing and consuming countries alike, he said, adding that he wishes and expects that supply and demand balance will come to surface a stable situation again as well as prices.
He, then, tackled the commercial and investment bilateral relations between the Kingdom of Saudi Arabia and the Federal Republic of Germany. He said the trade exchange size today hit an eleven billion Euro with German conglomerates now operating in the Kingdom on a number of joint ventures, particularly in the field of tunnel digging, renewable energy, energy capacity, rubber industry, refining and processing, petrochemicals, health care, training, support services and transportation.
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