Saudi King Seeks Wise Oil Use, Not Output Ban, Sfakianakis Says - BusinessWeek

King Abdullah of Saudi Arabia, holder of the world’s largest crude-oil reserves, encouraged using the fuel wisely to protect the interests of future generations, rather than a ban on exploration, an analyst said.

The monarch told Saudi scholars studying in Washington that he had ordered all oil exploration to cease “in order to keep the earth’s wealth for our sons and grandsons,” state-owned Saudi News Agency reported yesterday.

“The King’s statement shouldn’t be perceived as a message that Saudi Arabia is stopping its capacity expansion projects but rather that Saudi Arabia has to be mindful of the future needs of the country and be cognizant of its usage wisely and prudently to support future generations,” said John Sfakianakis, chief economist at Riyadh-based Banque Saudi Fransi.