Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

GCC countries keen on stabilizing oil prices - Saudi Oil Min.  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 10/10/2012

No. of Ratings : 0
Add to Mixx!


(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.


  MENA News Headlines

Click to Apply



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help