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GCC to standardize oil prices: Al-Naimi

Al-Naimi said that Saudi Arabia will strive its best to meet the growing demand for petroleum products in the global market.

Source : Saudigazette.com / 27 Sep 2013

Oil Minister Ali Al-Naimi unveiled plans of Gulf states to standardize petroleum prices.

“There is a study under way in this regard. Once the study is complete, we will make an announcement about it,” he told reporters at the end of a meeting with his Gulf counterparts here on Tuesday.

Al-Naimi said that Saudi Arabia will strive its best to meet the growing demand for petroleum products in the global market.

“The Kingdom’s oil reserve is in an excellent position, with a production capacity of 12.5 million bpd. The market is good, reserves are excellent, and supplies are adequate and stable, and hence, we are ready to compensate for any shortfall in the oil market,” he said adding that the meeting discussed several topics that are of importance for the GCC states.

Kuwait’s Deputy Prime Minister and Minister of Oil Mustafa Al-Shamali told reporters that most of the issues concerned with standardizing the oil prices need elaborate studies. He said Kuwait’s production capacity is 3.2 million bpd at present.

Al-Shamali also disclosed that the meeting endorsed the petroleum strategy for the GCC member states, approved by the Summit of Gulf leaders held in Bahrain in December 2012.

The 32nd meeting of the GCC Petroleum Cooperation Committee was chaired by Bahrain’s Minister of Finance and the Minister for Supervising Oil and Gas Affairs Sheikh Ahmed Al-Khalifa.

Addressing the meeting, Sheikh Ahmed, who is also chairman of the committee, said that the bylaw for a unified mining law for the GCC states figured high in the meeting.

The other topics of discussion included an oil strategy for the GCC states, and a report from the chairman of the working group that studied the developments on the UN Framework Agreement for Climate Change and Kyoto Protocol meetings, he said. “All these are aimed at strengthening the oil and gas sector in the GCC states,” he added.

UAE Energy Minister Suhail Al-Mazroui, Qatar’s Minister of Energy and Industry Muhammad Al-Sada, and Oman’s Minister of Oil and Gas Muhammad Al-Ramhi, as well as Saudi Deputy Minister of Oil and Mineral Resources Prince Abdul Aziz Bin Salman also attended the meeting. The ministers greeted the Kingdom on the occasion of 83rd anniversary of its National Day, wishing it further progress and prosperity.

 

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