RealNews

Saudi Arabia vows to help stabilise oil market as prices soar

Saudi Arabia, the world’s top crude exporter, will continue its role of stabilising the oil market, Crown Prince Sultan bin Abdul Aziz said as prices surged toward 70 dollars a barrel. Speaking at a public lecture in Singapore, he said the kingdom “has worked constantly to fulfill her promises of stabilising the oil market in order to support the development of the world economy.” To this end, Saudi Arabia has embarked on a 50-billion dollar program to increase production capacity to 12.5 million barrels per day (bpd) by 2009, he said. Full Story

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