Kingdom of Saudi Arabia
Prince Saud Al Faisal
Saudi Arabia is a leading member of the Organization of the Petroleum Exporting Countries (OPEC), having cofounded the group in 1960. It controls 25 percent of the world’s proven oil reserves and exports roughly 8 million barrels of oil a day. Prince Saud Al Faisal has served as Saudi Arabia’s foreign minister since 1975. The following is excerpted from remarks he delivered on September 21, 2005, at the Rice University James A. Baker III Institute in Texas.My topic today is the structural flow in the oil industry. The severe increases in oil prices, which we have experienced over the past…
