Saudi Arabia prepared to cater to global oil demand

RIYADH: King Salman chaired the Cabinet session held at Al-Yamamah Palace in Riyadh on Tuesday, the Saudi Press Agency (SPA) reported. The Cabinet addressed the Kingdom’s assertion during its participation in Russian Energy Week — that it was ready to meet world oil demand following efforts to restore supply capabilities within 72 hours of last month’s oil field attacks.
These efforts strengthened the Kingdom’s position as the most reliable, safe and independent oil exporter.
The king briefed the Cabinet on the results of official talks held with President of the Sudanese Supreme Council Gen. Abdulfattah Al-Burhan and Sudanese Prime Minister Dr. Abdullah Hamdouk.
Media Minister Turki Al-Shabanah, in a statement to SPA, said the Cabinet reviewed reports on the latest regional and international developments.
He highlighted the final statement of the 4th extraordinary meeting of the Gulf Cooperation Council (GCC) Supreme Military Committee, held in Riyadh, to consult on current threats and situations and to achieve greater GCC military coordination.

He stressed the readiness of the GCC’s armed forces to confront any terrorist threat or attack. He condemned assaults on the Kingdom and the violation of GCC member airspace.
He also condemned attacks on oil tankers and threats to maritime navigation.
The Cabinet drew attention to the Saudi Authority for Intellectual Property’s nomination to lead the International Union for the Protection of Industrial Property (Paris Union), and its nomination to be vice president of the International Patent Cooperation Union. The minister said this recognition showed the global standards achieved by the Kingdom in different sectors.
The Cabinet authorized ministries to sign agreements with friendly countries in different sectors.
It approved amendments to the commercial mortgage system, and a first phase of transport networks in some cities and provinces.