The Council of Ministers, chaired by Crown Prince Abdullah, yesterday reaffirmed Saudi Arabia's commitment to ensure adequate oil supplies and stabilize the world market as well as to increase production in accordance with supply and demand factors in the international market. The Cabinet made the pledge while discussing a report on the annual energy conference held in Washington last week. The Cabinet emphasized, however, that Riyadh's endeavors to meet world energy requirements and challenges must be supported by joint international efforts. Addressing the conference, Minister of Petroleum and Mineral Resources Ali Al-Naimi said the Kingdom was ready to boost output to stabilize the market. "Saudi Arabia's reserves are plentiful and we stand ready to increase output as the market dictates," he was quoted as saying. "Saudi Arabia has already taken aggressive steps to ensure adequate supplies," he said, rejecting fears that "the black gold" will run out any time soon. Last week, Riyadh announced a series of projects worth tens of billions of dollars, including three massive refinery modernizations. Naimi said Saudi Arabia was prepared to boost production from some 9.5 million barrels per day to 11 million right away, "but there is no refining capacity (worldwide) to handle 11 million." He also called on consumers such as the United States to do more to bring down prices. The Cabinet meeting at Riyadh's Al-Yamamah Palace also endorsed the long-awaited smart ID card project, which is to become one of the cornerstones of the country's e-government system.