Statement by Arab Gulf oil ministers

The oil ministers of Saudi Arabia, Kuwait, Qatar, and Oman have asserted that the reduction in oil prices and the increase in oil storage in the world oil market is not in the interest of the oil-producing or industrial countries in the short or long run.

A statement issued by the Gulf oil ministers following their meeting in al-Sheba district in the Saudi Rubi' al-Khali (Empty Quarter) desert on Wednesday said the current oil condition would have an adverse impact on the world economy regarding the reduction of oil investment, a situation which may be conducive to the recession of oil supplies.

The statement added that the Gulf oil ministers, who met in al-Sheba, will work through intensive consultation with the oil-producing countries from inside and outside OPEC to take all necessary measures in order to deal with the oil market's condition, noting that among these measures are reducing production to ensure the removal of the storage surplus from the market, and thereby as a result oil prices will be higher.

The statement added that the countries which met at al-Sheba expressed their optimism on the possibility of reaching within the coming weeks an effective agreement that would provide stability in the international market and work for a notable increase in oil process.