2002 News Story

GCC oil ministers meet in Cairo

In a statement following the 24th meeting today in Muscat, Oman, of the ministers responsible for oil and gas in the member states of the Gulf Cooperation Council (GCC), Minister of Petroleum and Mineral Resources Ali Al-Naimi commented that topics discussed included the current oil market situation, the GCC oil ministers' commitment to reliability of global supplies, assurance of market stability, and maintenance of stable and fair prices for both consumer and producer.

The meeting issued a communiqué stressing the GCC's concern for security and safety of global supplies, continued exchange of views on market developments, and increased consultations among all oil producing countries in order to stabilize prices at a level that is suitable for both producers and consumers. The communiqué reiterated full support, as set out at the recent Eighth Energy Forum in Osaka, Japan, for the practical steps taken by the Kingdom of Saudi Arabia to implement the proposal of Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz to set up a general secretariat for the international energy forum in the city of Riyadh.