(MENAFN - Kuwait News Agency (KUNA)) Saudi Arabia Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Nuaimi said Tuesday that the Kingdom of Saudi Arabia along with GCC countries are working to stabilize oil prices and keep oil prices subject to demand factors and prevent any shortage in supply.
The minister made the remarks in a press statement following the conclusion of a meeting of the Petroleum Cooperation Committee of the Gulf Cooperation Council (GCC) held earlier at the General Secretariat of the GCC in Riyadh.
The minister added that Saudi Arabia has a surplus of oil production and has the ability to meet demand in the event of any necessity for it, stating that the Kingdom has the capacity to produce 12 million barrels of oil per day but that the global demand does not need it now.
Commenting on a proposal by Oman to create a common GCC Energy and gas market, the minister explained that such topics were referred for further review by the committees specialized in the oil markets and prices of derivatives including the oil strategy, the media strategy and all of them were referred to these committees for consideration.
Al-Nuaimi pointed out that making prices of petroleum derivatives among the GCC countries similar to each other has been referred to study by the competent committees which will be concerned with trying to make the prices similar.
The minister added, "GCC States have a general policy aiming at maintaining oil production and contributing to the stability of the international market, which is a policy generally pursued and we have measures in place which attempt to meet the need of the world oil market so that there is no shortage of supply, as the reason of fluctuation of rise or fall of oil prices is due to a shortage or oversupply.
On the post of Secretary General of OPEC and nominations for the post, the minister said that there are 4 candidates for the post and on October 22, the four candidates will emerge, hoping the committee to choose the best one for the organization in the coming period.