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14 Nov, 2015

GCC States Able to Withstand Oil Price Decline – Minister

DOHA, Qatar, Nov 10 (NNN-KUNA) – Kuwait Minister of State for Cabinet Affairs and Acting Minister of Electricity and Water, Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah, said, the GCC States are able to withstand the ongoing decline in oil prices, through their cooperative consensus inside the Organisation of the Petroleum Exporting Countries (OPEC).

Sheikh Mohammad Abdullah made his remarks, in a statement to KUNA Monday, after heading Kuwait’s delegation at the sixth Asian Energy Ministerial Round-Table, currently held in the Qatari capital.

“GCC countries also strive for stability at the energy market. However, they cannot have much influence in oil prices,” he said, noting that OPEC countries aim at ensuring a stable oil market for the interest of exporters and consumers alike.

He also stressed the importance of the Asian Round-Table meeting, in addressing several important issues, notably the future of international energy and the pace of its future prices.

On the meeting, he said, the agenda includes a number of vital subjects concerning Asian countries, such as energy’s security and role in development, stability, bringing viewpoints closer, coordinating future stands on the international arena.

The participation of Asian ministers and senior representatives in this meeting would have a positive effect on determining the future pace of power prices, for the interest of all Asian societies and people, Sheikh Mohammad Al-Abdullah indicated.– NNN-KUNA