Press Release No. 067-03
25 February 2003
SAUDI
OFFICIALS ASSURE OPLE OF ADEQUATE OIL SUPPLY
Kuala Lumpur, Malaysia – The Philippine government would have ample oil
supply if and when the war in Iraq breaks out.
Dr. Madani Al Aqui, Minister of State and Prince Turki of
the Kingdom of Saudi
Arabia, which has the largest oil deposits in
the world,
conveyed this assurance to Foreign Secretary Blas Ople in a bilateral meeting
held on the margins of the Non-Aligned Movement
Summit in Kuala Lumpur, Malaysia.
Foreign Affairs Secretary Blas Ople expressed concern over a looming oil
shortage because of the tensions in the Middle East and its effect on the
economy of developing nations like the Philippines.
Prince Turki replied that Saudi Arabia is not anticipating any shortage
in the world’s supply of oil. “There is a surplus of oil and steps can be
taken to increase production when needed,” His Royal Highness Prince Turki
said.
The Saudi officials surmised, however, that prices do usually go up in times
of crisis but that this is because traders usually inflate
prices. They stressed that OPEC members have a responsibility to ensure
stability in the oil market.
“I don’t think you will have any problems,” Prince Turki assured Secretary
Ople, adding that Saudi Arabia has an oil refinery in the
Philippines.
Meanwhile, Secretary Ople and Dr. Al Aqui agreed that the Philippines and
Saudi Arabia have special relations because of the estimated 800,000 Filipinos
working in the Kingdom.
“We are delighted to have them there,” the two Saudi officials said. They
also noted that Filipino workers in Saudi Arabia are situated far from the
border with Iraq. There are 200,000 workers in the eastern province, which
is separated from the border by vast tracts of desert land.
Both the Philippines and Saudi Arabia expressed a common desire for peace
to prevail in the Middle East.
“We need peace. We are tired of war,” Prince Turki said. END