The Saudi Council meets to review the oil market scenario.
King Abdullah met with the Supreme Council for Petroleum and Mineral Resources and went over the worldwide oil crisis. The financial market for crude oil and its supply and demand were among the salient points discussed. The fact that OPEC’s abilities to meet the global need for oil were more than enough was clarified. The role played by the Saudis in all this as a stabilizing force and major supplier of crude oil also got the attention it deserved.
The Organization of Petroleum Exporting Countries is a crucial cartel that holds geopolitical ramifications for the region not to mention the entire world. The Saudis affirmed the fact that they are for all purposes on the side of OPEC. The five-year plan for Aramco (Arabian American Oil Company) obtained a stamp of approval from the members. Finally, mining surveys were given the go-ahead as well.
Saudi Arabia has a monopoly on this valuable resource also known as black gold. And till the day mankind finds a suitable substitute, industrial civilization will remain dependent upon crude oil.