Houston 2 Let me emphasize once again the history record that we did not announce war on shale oil or production of any country or a particular company, what we do is not different from what is being done by any representative of an energy sector, in this hall, we are working to deal with difficult and challenging market conditions and strive to reach the best possible results, in an environment with high levels of competitiveness, he added. The markets that are efficient to determine where the price will stabilize the marginal barrel on the cost curve. Hence, it makes it imperative for high-cost oil producers to seek to find a way to reduce costs or borrowing money or providing liquidity, he indicated, saying that this seems difficult and, unfortunately, it is, but this is the most effective way to restore balance to the markets, he commented. Reducing low cost production in order to bolster supply will lead to nowhere but to defer the inevitable outcome, Al-Naimi said: " Any action we can do to reduce the slump cycles or mitigation would be useful, no doubt, and that includes pursuit to allow markets to operate within the framework of a minimum of interference. We hope that this level of dexterity to continue and speed of response and readiness shown by shale oil producers, might require the need to provide these supplies quickly once you return the balance of the markets and the tightening of control, he explained. Incidentally, we are pleased to see US producers becoming, able now, to export crude oil freely and without restrictions, and we believe that this will contribute to the improvement of the global market efficiency and flexibility. This is entirety of globalization, we are all in one ship, he said, adding that despite similarities with the experiences of the past may be helpful, every era has what distinguishes it from others. The period in which we live is different from the era of the eighties, we are dealing with a more complex and full challenges of the market and there are new influential financial instruments that were not simply exist 35 years ago. Each cycle experienced by the oil market comes with a degree of uncertainty. Although the world oil market has become more efficient and dynamic over the past several decades, they still come to us with surprises, some of which are welcomed and others are not, he said. Excessive price fluctuations and volatility - ups and downs in the market - are the major challenges that we face. When the market loses its balance, governments must and the entire energy sector seeks ways that enable them to work together to help restore market balance. We have to let the markets work, but we must remain vigilant. We must also seek to understand the changing dynamics of the market better, and be ready to act when faced with market deficit or a failure or when experiencing fluctuations and severe disorders. he stated. The Minister of Petroleum and Mineral Resources Ali Al-Naimi spoke of the petroleum policy of the Kingdom in these difficult times , saying: "first, the Kingdom of Saudi Arabia remains committed to meeting our customer's request. Second, we are investing huge amounts of money to keep business backup vital to help meet the additional demand, or to deal with the global supply interruption if the need arises. We have done so in the wake of Hurricane Katrina, for example. Third, the Kingdom seeks to achieve stability in the oil markets. In this context, we communicate on a permanent basis with all the major producers, in an attempt to reduce volatility, and strive to reach a collective consensus and welcome any collaborative work. Finally, we remain committed to meeting a large part of global energy demand on a purely commercial basis, we do not seek to acquire a larger share in the market." he pointed out. -- more 21:32 LOCAL TIME 18:32 GMT www.spa.gov.sa/w