Saudi Gazette report

JEDDAH – The Council of Ministers on Tuesday affirmed the Kingdom’s readiness to use its spare production capacity to balance the global oil market. “The Kingdom is prepared to utilize its spare production capacity when needed to deal with any future changes in the levels of supply and demand and that is in coordination with other producing countries,” a Cabinet statement said following its session chaired by Custodian of the Two Holy Mosques King Salman.

The King briefed the Cabinet on his telephoning talk with US President Donald Trump during which the two leaders affirmed the need to exert efforts to maintain oil market stability and the growth of the world economy, according to Minister of State, Member of the Cabinet and Acting Minister of Information Dr. Issam Bin Saad.

The Cabinet stressed that one of the most important objectives of the Kingdom’s petroleum policy is always to seek to achieve balance and stability in oil market, as well as coordination and consultation with other producing countries and major consuming countries.

The Cabinet also stressed the importance of providing supplies when necessary to achieve common interests and stimulate the global economic growth, the minister said in a statement to the Saudi Press Agency. It also commended constructive cooperation between producing countries from within and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies taking into account the current market conditions.

At the outset of the session, the King praised Allah that millions of pilgrims and visitors performed Umrah rituals during the holy month of Ramadan in ease and comfort. The King also thanked and appreciated the efforts of all public and private sector employees for their great efforts that contributed to the resounding success of the Umrah season and enabling pilgrims to perform their rituals in a secure, safe and serene atmosphere amid an integrated system of services made available to them.

Dr. Issam said Cabinet thanked and appreciated the King’s care and keenness on achieving security and stability for the Arab Nation, especially the summit meeting he had convened in Makkah as part of the initiative to support Jordan to overcome its economic crisis.

The Cabinet commended the agreement reached at the meeting to provide an economic aid package worth $2.5 billion for Jordan.

Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, briefed the Cabinet on the outcome of his recent visit to the Russia, and the thrust in the discussions on having strong relations and the common desire to strengthen them in all fields, as well as the work to maintain coordination and consultation on issues of mutual interest which serve the interests of the two countries and their peoples.

After reviewing the report of the Ministry of Haj and Umrah about completion of arrangements for of Haj, the Cabinet emphasized the government’s keenness to receive the pilgrims belonging to different nationalities, ethnicities and schools of thought from all corners of the globe with offering them the best possible services.

Dr. Issam said the Cabinet authorized several ministers to discuss and sign deals with their Japanese counterparts and organizations for cooperation in various fields such as judicial, academic, human capital development, communications and information technology, and transport. The Council also approved the creation of the E-Commerce Council, headed by minister of commerce and investment.