based cartel. "OPEC is investing to increase production and flow to markets" and ensure stable prices, Sheikh Al Sabah said in a speech before the World Economic Forum. The added production is needed to boost global economic growth but "acceptable fair prices" for oil are required to repay investments made by producing countries, The Associated Press quoted Sheikh Al Sabah as saying. The minister said oil-producing countries in the Gulf must also invest in oil- and gas-related industries that diversify economies, even within the energy sector. He listed petrochemical production as a top priority. For its part, Al Sabah said the international community can help ease high prices by providing technology and expertise needed to build these new industries, as well as using diplomacy to bring stability to the region.
