Gulf vows stable oil

KUWAIT: Oil ministers of the world’s leading producers in the Gulf wound up a joint meeting yesterday by vowing to achieve price stability on the international markets, ahead of an OPEC meeting. “The oil market has witnessed many developments that obliged us as major producers to counter more challenges in the way of achieving stability of the oil price and markets,” Kuwait’s Oil Minister Sheikh Ahmad Abdullah Al-Sabah told the gathering.Sheikh Ahmad said that Kuwait has insisted on using the wealth generated from natural resources properly since the start of oil production. He confirmed that Kuwait is interested in working on shared projects, especially in the oil sector, by coordinating the standards of international parties on several issues such as oil, energy and the environment. He stressed the fact that GCC countries are always eager to satisfy their clients by providing high quality products that apply to international standards an
d are environmentally friendly.sheikh Ahmad pointed out the important role media plays in educating society on oil information as well as promoting transparency by publishing oil industry news. He added that GCC states have executed programs on oil education in schools and universities in addition to developing educational TV and radio programs. Sheikh Ahmad said that providing additional motives for the private sector to perform common projects between Gulf companies will lead to an increase of joint economic interests of those in GCC.states. He pointed out that the committee’s agenda is filled with opportunities to develop cooperative projects between the oil sector and the private sector of GCC countries, develop renewable energy projects and exchanging experiences.

Assistant secretary general of the Gulf Cooperation Council (GCC), Mohammad Al-Mazroui, said the six-nation alliance is coordinating its oil policies closely with the “aim to stabilise the international markets”. Mazroui said that the GCC states, which together pump just under one fifth of the world crude supplies, are working to “consolidate a balanced policy… in a bid to stop sharp swings on oil prices”. He pointed out that GCC states have placed much effort on balancing the needs of the oil industry to constantly develop, overcome international challenges and explore renewable energies.

Meanwhile, Qatar’s Minister of Oil Abdullah bin Hamad Al-Attiyah said that OPEC will not change its output target in its next meeting. He explained that the international economy is not being negatively affected by the current oil prices. He added that the current price, which is currently between 70 and 85 dollars a barrel, is “appropriate for consumers and producers”. During their Kuwait meeting, the ministers discussed activating the GCC unified economic agreement to promote internal investments and joint oil projects, a final communique said. The ministers also discussed ways of expanding the role of the Gulf’s private sector in the oil industry.

The Organisation of Petroleum Exporting Countries oil cartel meets on Thursday in Vienna to assess member output levels against a backdrop of steady prices and a huge jump in Iraq’s estimated reserves. Oil has traded at roughly between $70 and $80 per barrel for the past year. It had plummeted to $32 in Dec 2008 from a record high of $147 in July of the same year, because of the global financial crisis – Kuwaittimes