By NNN-KUNA,
Jeddah : The Jeddah Energy Meeting has stressed the importance of boosting investments in oil production and refining, as well as seeking other energy resources.
Saudi Oil Minister Ali Al-Nuaimi, reading a final communique at a news conference at the conclusion of the one-day meeting, said it was important to strengthen transparency in international stock markets as well as the development of legislation of investment funds.
The participants, he added, underlined the importance of global reduction of use of energy, and need of exchanging information and cooperation between oil organisations and companies.
Al-Nuaimi said that Saudi Arabia was ready to increase production by 2.5 million barrels per day (bpd) if the need arises, and noted that his country was capable of producing 12 million bpd by next year.
Increasing or decreasing oil production depends on demand, he said, and Saudi Arabia was keen on meeting demands of its clients.