GCC oil ministers meet in Riyadh

Oil ministers of the Gulf Cooperation Council states will hold a one-day meeting at the headquarters of the GCC general secretariat in Riyadh tomorrow.

The six GCC oil ministers will discuss the status of the world oil market, the recession in oil prices, and measures taken by certain oil exporting countries inside and outside OPEC to contain the instability in oil world markets. The GCC ministers will discuss several joint oil projects, including a gas-pipeline network.

Qatari sources said that Saudi Petroleum Minister Ali Neimi will present to the ministers the outcomes of communications resulting from an agreement reached at the beginning of the current month that has Saudi Arabia, Mexico and Venezuela promising to reduce their crude oil production by a combined 450,000 barrels.

The committee will also review the outcomes of the talks held between the Iranian minister of petroleum and a number of GCC states, including Kuwait, Qatar, and the United Arab Emirates, after which Iran announced a reduction in its production by 100,000 barrels.