(MENAFN - Kuwait News Agency (KUNA)) Gulf integration in the realm of oil and gas is extremely crucial in the light of instant global and world changes, an economic report showed here Monday.
Oil-rich Gulf countries supply the world with a quarter of its oil needs, and roughly 20pct of its natural gas requirements, according to the recent report, released by the Diplomatic Center for Strategic Studies.
They also boast around 45pct of world oil reserves and 17pct of natural gas stocks, it indicated.
However, Gulf Cooperation Council (GCC) member states are still lacking in proper integration and cooperation, and the Gulf private sector is still unable to play a significant role in oil development, the report lamented.
Comparatively, the global oil market has been dynamically developing, the report said, calling for an equilibrium between energy production and efficient consumption.
Gulf oil integration could contribute to slimming relevant costs by means of devising concerted policies involving exploration, refining, marketing and pricing, the report emphasized.
It listed recent significant developments in the global energy market as growing demand for oil and natural gas, prompting oil-producing countries to boost their output.
Gulf countries are able to largely control supply and demand in the international oil market, it concluded.