DOHA: Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said yesterday that member states of the Organisation of the Petroleum Exporting Countries (Opec) as well as non-members are mulling a Venezuelan proposal to hold an urgent summit for presidents of oil states.
He added that the summit will have the green light if there is positive response to the proposal, which is currently being reviewed.
Dr Al Sada made the remarks in press statements after the end of the 34th session of the GCC petroleum cooperation committee here. He noted that Qatar has “different scenarios” to deal with the circumstances of volatile global oil prices.
“The Venezuelan president has proposed a summit and various countries are studying the proposal,” AFP quoted the minister as saying. “Whether Opec and non-Opec producers agree to such a proposal remains to be seen,” the agency added.
Meanwhile, Saudi Arabia, top oil exporter, sees no need to hold a summit of producing countries’ heads of state if such discussions would fail to produce concrete action towards defending oil prices, reports Reuters.
As for the unification of oil derivatives in GCC states, the minister said every Gulf state has its own situation and plans in this regard.
Speaking about the GCC oil ministers’ meeting, Dr Al Sada said the committee meets annually to review the situation of petroleum markets, prepare for a number of important global meets and study several issues related to the prices of oil derivatives in Gulf states.
He added that decisions were taken regarding studies that were carried out by working groups in Gulf countries, stressing that the success of the meeting will enhance regular cooperation and consultation among GCC states.
He said the development of the GCC energy sector contributes to the strengthening of global economic stability in general and stability of Gulf economy in particular thanks to vital role played by economic sector in GDP growth and development of GCC countries’ economies and their shares in global energy market.
Speaking at the session, he stressed that the world is well aware that the GCC countries are sparing no effort to secure a safe source of energy in order to boost the global economy under our wise leadership through coordination of attitudes and efforts in the Gulf regular meetings.
The Peninsula
