AlQa'dah 23, 1433, Oct 9, 2012, SPA - The Petroleum Cooperation Committee of Gulf Cooperation Council (GCC) States held here today its 31st meeting under the chairmanship of Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi. In his opening speech, Al-Naimi said," The current year has witnessed great global oil developments during which GCC States have played an influential and significant role. The prices of oil rose in March to unprecedented levels since 2008, which may adversely affect the global economy, particularly the economies of developing and emerging countries as well as the global demand for oil". The Minister added, "GCC States have a global economic important position from which they benefit its growth and affected by its contraction. Our States have exerted great efforts to restore stability to the world oil market. This is what has actually been achieved. Stability has returned and oil prices have returned to levels suitable for consuming and producing nations, and the global economy and its growth. We continue in the policy to reassure the market, and the provision of supplies when needed, and the reduction of high fluctuations in prices during the following months until today. " Al-Naimi said, "At the local level, GCC States have continued to establish strong and varied petroleum industry which is interested in subsequent operations including petrochemical industries of all kinds and different levels, diversification of energy sources, focus on renewable energy, reduction of emissions harmful to environment, and continuation of coordination, cooperation and integration among the GCC States in oil and energy aspects within other economic aspects". He wished all success for the Committee to achieve the aspirations of the peoples of the GCC states.
