A visiting Saudi Arabian Prince said in Paris on Friday (23 May) that his country was not against a decrease, or an increase, in oil prices -- its policy was aimed at ensuring stability.
GV Omdistry Ministry building in Paris
GV News conference in progress (2 shots)
SCU Saudi Prince speaking
NEWS CONFERENCE IN PROGRESS AND SAUDI PRINCE MOHAMED AL FEISAL SPEAKING
PRINCE FEISAL: "First I think Saudi Arabia has always continued to maintain that there should be stability in the world market not only in regard to oil but also in regard to other materials. And i think in this we have made attempted in cooperation with France which has understood the magnitude of the problems that face the world and which has attempted to reach certain solutions for these problems. As regards Saudi Arabia per se, I would suggest that there has been already several announcements on this field. And Saudi Arabia's policy has been not for or against the increase or the decrease of prices, it has been for the establishment of an order whereby stability can be maintained. As for Saudi Arabia's decrease of production, we have decreased production, however, it is not a policy of decreasing the production, it is a response to the market conditions. Therefore, we feel that if there is a need for an increase in production, Saudi Arabia will definitely take into account the interests of the other parts of the world which depend on the production of Saudi Arabia."
At a news conference in Paris on Friday, a visiting Saudi Arabian Prince said his country was working towards stability in the prices of oil and other raw material. He was Prince Mohamed Al Feisal Al Saud.
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This film contains part of Prince Feisal's comment on his country's attitude towards oil production which is transcribed below.
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Background: A visiting Saudi Arabian Prince said in Paris on Friday (23 May) that his country was not against a decrease, or an increase, in oil prices -- its policy was aimed at ensuring stability.
Prince Mohamed Al Feisal Al Saud told a news conference that his country had always maintained that world market prices for oil and other materials should be stable.
The Prince said oil production in his country had been reduced, but it was in response to the world market conditions, and not, however, a matter of policy.
The Prince also said as the dollar was the only system for measuring prices, there was a case for revaluing it when the value of the dollar had declined.