A feasibility study on the unification of prices of oil products in GCC countries will be finalized soon, said Ali Al-Naimi, minister of Petroleum and Mineral Resources.
“No GCC countries have raised objections so far, but objections may still emerge,” he said. “The Kingdom’s position on the supply of the global market is known to everybody. We will do our best to meet the demands of the market,” said Al-Naimi following a recent meeting held for petroleum and energy ministers of GCC countries in Riyadh.
“The market is in perfect condition now. Demand has been met and there is high supply. The Kingdom currently exports 12.5 million barrels.”
Mustafa Al-Shamali, deputy prime minister and minister of Oil in Kuwait, said that the meeting discussed the executive list of draft regulations in the common law on GCC mining. “The list will be approved in the next meeting,” he said.
He added that participants in the meeting agreed on the recommendations of oil media experts concerning the oil media strategy, which will soon witness activity in GCC countries.
Al-Shamali said that the unification of oil prices needs more in-depth study.