Saudi Arabia Pledges to Prevent Oil Shortages

Rome, April 20 (Jiji Press)–Saudi Arabian Oil Minister Ali Naimi on Sunday pledged to continue sufficient oil supplies.

At a meeting here with Japanese Minister of Economy, Trade and Industry Akira Amari, Naimi said that Saudi Arabia will not let the world see oil shortages, according to sources familiar with the talks.

Amari expressed concerns over adverse effects of surging crude oil prices on the world economy, especially on developing countries, and asked oil-producing countries to ensure stable supplies.

Naimi explained Saudi Arabia’s plan to invest 90 billion dollars in the oil industry over the next five years.

Amari and Naimi agreed to beef up the two countries’ cooperation in promoting the use of solar power and energy-saving efforts.

They are visiting Rome to attend a meeting of the International Energy Forum.END

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