The Minister of Petroleum and Mineral Resources also said "For Saudi Arabia, it's about a fair price. One that is fair for producers, consumers and industry. It's also about stability. Oil is a long-term business, requiring long-term plans and investment. Sudden rises or falls in the cost of oil are not welcome. It is up to all nations, producers and consumers, to work together to ensure transparency and reduce volatility. This is easier said than done, but it's in all our interests to ensure stable prices. China was certainly a great help in this respect in 2008 when the price of a barrel of oil spiked at $147. At that time, political and business leaders, including from China, met in Jeddah to calm markets. As one of the world’s great powers, China's contribution to global energy politics and diplomacy is always welcome. I'd like to turn to the third and final part of my talk here today. And that is areas of potential partnership for Saudi Arabia and China in the future. As I said, I have been visiting China for some 25 years and Saudi Aramco has now moved its Asian headquarters to Beijing. We recognize the importance of China, and Asia more broadly, and also that our relationship is mutually beneficial. President Xi spoke at the 6th Ministerial Conference of the China-Arab States Cooperation Forum in Beijing last year. He spoke of the New Silk Road. He proposed that both sides of Asia join hands and work together in energy, infrastructure, investment and new energy breakthroughs." --More 17:35 LOCAL TIME 14:35 GMT www.spa.gov.sa/w