ID :
33016
Sat, 11/29/2008 - 22:50
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King`s interview with Kuwaiti newspaper `Al-Siyassah` 6 Jeddah/Kuwait
Q: Here oil prices are backing down. Does not that affect the size of
financial revenues of oil countries?
A: Yes, this affects. We believe that the fair price of oil is 75
U.S. dollars per barrel. Our budgets were estimated at the previous
world prices of oil, and they were estimated at the last least price.
We consider any increases as surpluses of assets and sovereign funds.
Brother Ahmed, oil is an important material. It is the vein of the
international industry which has no alternative for energy so far. It
will continue to be the main and great source of budgets in the
region's countries which have one third of the world reserves. With
the progress of time, there will be other resources that may be as
important as oil revenues. The states in the region, including Saudi
Arabia, have been bestowed upon by Almighty Allah with plenty of
resources. We should thank Almighty Allah for these resources. I
repeat that we are not concerned with the world economic calamities
and they will not harm us. If they have any harm, it will be only the
panic of the public and their wrong interaction with them. Perhaps
there was a slowdown in the movement of trade due to those people who
stop spending and engage in waiting afraid of what will come. But we
do not blame anyone. As I told you that the cure for panic over money
is to wait for some time.
Q: Do not you think that what happened may further consolidate the
unification of interests among Gulf Cooperation Council (GCC)
countries?
A: Yes, we hope that what have been witnessed by the world economies
will be an impetus for further link of interests among the region's
states. I hope that the economies of GCC states will not be affected
with what happened in international markets. Otherwise - God forbid-
I hope that this impact will not be painful. Anyway, this crisis may
have stimulated the Gulf Cooperation Council states to further link
their interests. This is what we want and seek to benefit from the
lessons of what happened.
The region's countries are rich. In front of us, there are
huge expenditures against substantial resources. With minimum
cooperation along with good intentions, we can create an economic
bloc having a strong fence against global economic storms.
--More
financial revenues of oil countries?
A: Yes, this affects. We believe that the fair price of oil is 75
U.S. dollars per barrel. Our budgets were estimated at the previous
world prices of oil, and they were estimated at the last least price.
We consider any increases as surpluses of assets and sovereign funds.
Brother Ahmed, oil is an important material. It is the vein of the
international industry which has no alternative for energy so far. It
will continue to be the main and great source of budgets in the
region's countries which have one third of the world reserves. With
the progress of time, there will be other resources that may be as
important as oil revenues. The states in the region, including Saudi
Arabia, have been bestowed upon by Almighty Allah with plenty of
resources. We should thank Almighty Allah for these resources. I
repeat that we are not concerned with the world economic calamities
and they will not harm us. If they have any harm, it will be only the
panic of the public and their wrong interaction with them. Perhaps
there was a slowdown in the movement of trade due to those people who
stop spending and engage in waiting afraid of what will come. But we
do not blame anyone. As I told you that the cure for panic over money
is to wait for some time.
Q: Do not you think that what happened may further consolidate the
unification of interests among Gulf Cooperation Council (GCC)
countries?
A: Yes, we hope that what have been witnessed by the world economies
will be an impetus for further link of interests among the region's
states. I hope that the economies of GCC states will not be affected
with what happened in international markets. Otherwise - God forbid-
I hope that this impact will not be painful. Anyway, this crisis may
have stimulated the Gulf Cooperation Council states to further link
their interests. This is what we want and seek to benefit from the
lessons of what happened.
The region's countries are rich. In front of us, there are
huge expenditures against substantial resources. With minimum
cooperation along with good intentions, we can create an economic
bloc having a strong fence against global economic storms.
--More
