2003 News Story

Oil minister at 25th meeting of GCC ministers of petroleum

Minister of Petroleum and Mineral Resources Ali Al-Naimi attended in Doha yesterday the 25th meeting of the oil ministers of the Gulf Cooperation Council (GCC). The ministers' recommendations will be discussed by the upcoming meeting of GCC foreign ministers prior to submission at the GCC Summit in Kuwait in December. On arrival, Minister Al-Naimi commented that the conference of the Organization of Petroleum Exporting Countries (OPEC) due to be held on December 4 will work on preserving stability in the global oil market at the desired price level of around U.S. $ 25 per barrel. This, he said, requires study of the current balance of supply and demand.