King Abdullah bin Abdulaziz of Saudi Arabia, custodian of the two holy mosques, has ordered a halt to oil exploration operations to save hydrocarbon wealth for future generations, the official Saudi Press Agency (SPA) reported recently.
“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life,” King Abdullah told Saudi scholars studying in Washington, according to SPA. “I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors God willing.”
Saudi Arabia, the world’s top crude exporting nation, is the largest member of OPEC and pumped oil at 8.26mn bpd in June, according to a recent survey by Dow Jones Newswires. The kingdom is pumping about 209,000 barrels above its target.