Under King Fahd, the Kingdom has maintained an entirely consistent policy of attempting to manage the oil market so that the interests of both producers and consumers are fairly balanced. These are not just words. In determining the optimum price for oil, King Fahd has recognized and promulgated throughout his reign the following truths:

• Oil is a finite energy resource which should be managed and not left entirely to the vagaries of the market.
• Too high a price for oil damages the economies of oil-consuming countries and encourages efforts to find alternative sources of energy.
• Too low a price for oil damages society in oil-producing countries, can seriously undermine efforts to develop and diversify oil-reliant economies and can encourage waste in energy-consuming societies.

• Continue