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Riyadh: Saudi Arabia expressed readiness to increase its oil production capacity gradually to cope with international demand and emphasised the increase in its refining capacity in and outside the Kingdom to meet the growing demand for refined products. It also revealed a plan to set up new refineries to refine heavy crude, production of which is increasing worldwide. This came in the strategic oil plan endorsed by the Supreme Oil Council during the meeting chaired by King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, Prime Minister and Council Chairman. Crown Prince Sultan Bin Abdul Aziz, Deputy Prime minister, Defence and Aviation Minister and Inspector General, was present at the meeting.
Dr Metlab Al Nafessa, Minister of State, Cabinet Member and Secretary General of the Supreme Oil and Minerals Council, pointed out that the Council reviewed the situation in the international oil market, noting that the council has discussed high price fluctuations in the past few months, pointing that the volatility of prices is not in the interest of the oil producing countries nor the consuming and industrialised countries. He said in a press statement the council had endorsed the Kingdom's oil strategy for this year. He added that in the strategy, the Kingdom stressed its great care for the stability of the international oil market in the long and short terms besides its efforts to attain this goal through its close cooperation with the consuming countries at all levels for the well-being of the world community. The strategy also stressed the importance of increasing transparency in all industrial fields and oil market besides encouraging integration in oil industry at all the international levels. Al Nafassa underlined the council's satisfaction over the balanced levels of supply and demand and the rise in the international reserve of crude oil, which it had not reached in five years.
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