Al-Naimi leads Saudi Arabia's delegation to OPEC meeting

OPEC agreed to maintain its current production ceiling of 30 million barrels per day, effective the beginning of next year up to next meeting scheduled for May 33, 2013, it was reported here following the cartel's ministerial meeting in Vienna today. Eng. Ali bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia, led his country's delegation to OPEC's 162nd ministerial meeting. The appointment of a new secretary general of OPEC to replace Abdullah Albadri was also postponed for next year 2013 to give the organization time to consult on the job's criteria. In a statement to SPA following the meeting, Al-Naimi said Saudi Arabia has nominated Dr. Majed bin Abdullah Al-Muneef to the post of OPEC secretary general given his efficiency and experience, but the conferees decided to give more time for consultations on the candidates for this important position. To maintain the cartel's consistency and enable the secretariat general to run its affairs in a normal way without negative effects on its day-to-day work, it was decided to extend the mandate of Abdullah Albadri as secretary general who was known of his efficiency over the last six years, Saudi Arabia's oil minister said. On the international oil market, Al-Naimi expected that it would maintain its stability for next year in terms of price and demand and supply balance due to OPEC's decision to keep the current level of production as well as the commitment of the memebr states of this decision. Saudi Arabia is interested in the international oil market stability as it plays a pivotal role in this regard as this has positive effect on the world economy, particularly the developing economies. Saudi Arabia is also interested in the continuation of OPEC's work in a normal way and in a way that serves the member states and oil industry, Al-Naimi concluded.