Omani minister says oil prices will cause major regional problems

Omani Minister of Trade and Industry Makboul Bin Ali Bin Sultan warned that petroleum prices could remain in their current state in the coming years.

Bin Sultan said this matter would harm both the Gulf States and the industrial countries.

In a press statement, he called for a Middle East economic summit that aims at achieving Arab integration without Iran, Turkey or Israel. He added that the countries that depend on petroleum as a primary source of income, such as those of the GCC (Gulf Cooperation Council) states, will face special problems.

The Omani minister clarified that the GCC states will suffer problems in the current and coming years, saying "I don't believe that the petroleum prices will greatly increase beyond current levels, which is the reason for large obstacles in the budget of all GCC countries."