Saudis back lower oil prices. Will work with OPEC to bring oil prices to a "reasonable level," the kingdom's ambassador said Wednesday.
Saudis back lower oil prices.
By BARRY SCHWEID AP Diplomatic Writer
© 2006 The Associated Press
WASHINGTON — Saudi Arabia will work with OPEC to bring oil prices to a "reasonable level," the kingdom's ambassador said Wednesday.
Asserting Saudi Arabia's traditional leadership role in the council of major producers, Ambassador Turki al-Faisal said his government will reflect "the international world's interests" at the next OPEC meeting in a month or so.
The envoy did not specify the level of prices or of production Saudi Arabia would promote as the Organization of Petroleum Exporting Countries reviews the recent sharp decline in prices. He attributed the drop to abundant production and better management of oil inventories.
Saudi Arabia has in mind poorer countries that cannot afford high prices, the ambassador said at the think tank Center for Strategic and International Studies.
"These are the countries most affected when the price of oil goes up to $70 a barrel," he said.
"So it is our concern... in trying to bring down the prices to a reasonable level, to allow these (poorer) countries to meet the challenges," the envoy said.
Oil prices have been in decline the past few weeks. Reacting to the drop, President Hugo Chavez of Venezuela, the world's fifth largest oil exporter, said in Caracas that international oil prices should not dip below $60 a barrel.
"It's a fair price," he said as Venezuela joined Nigeria, another big producer, in trimming production a total of 100,000 barrels a day.
On Wednesday, oil prices dropped for a third consecutive day, hovering around $58 a barrel.
Prince Turki said OPEC would meet in the next month or two, thereby indicating there would be no emergency meeting.
On another topic, Prince Turki said Saudi Arabia would reform but at its own pace and not because of outside pressure.
"We are not going to change just because you tell us to," the ambassador said in a speech at the think tank. "We will do so in our own way, in accordance with our tradition and culture."
Turning tables, he said the Saudis wanted to see the United States make some changes of its own.
"Your policy toward the Arab world must be changed and reformed in order to overcome the slump in America's standing in my country and in every other Arab and Muslim country," he said.
Saying relations between the United States and Saudi Arabia need to be improved, the ambassador said, "We often hear political rhetoric and bombast, and not constructive commentary."
Prince Turki was not explicit about the kind of criticism the kingdom found objectionable, but Saudi Arabia has long been criticized for mistreating women and minorities.
Last month, in a report on religious practices around the world, the State Department noted Saudi law requires all citizens to be Muslims and that public practice of other religions is prohibited.
The report credited the Saudi government with continuing a campaign against official extremism while King Abdullah and other Saudi officials called for the promotion of tolerance. Also, the State Department this year credited the Saudis with more tolerant textbooks. |
