Saudi Arabia’s King Abdullah has given a speech where he has said that the kingdom should halt all of its oil and gas exploration.
The Saudi Press Agency (SPA) reported that the head of state made the speech to Saudi scholars at an event in Washington DC.
“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life,” King Abdullah is reported as saying. “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.”
Analysts in the Saudi Arabia say that the king’s comments do not mean that Saudi Aramco’s exploration plans will be aborted, but that caution was advised when it came to the kingdom’s vast hydrocarbon reserves.