Posted on September 12, 2015

HE the Minister of Energy and Industry Dr. Mohammed Bin Saleh Al Sada has affirmed that the development of the GCC energy sector contributes to the strengthening of global economic stability in general and stability of Gulf economy in particular thanks to vital role played by economic sector in GDP growth and development of GCC countries' economies and their shares in global energy market.

Speaking at the opening of the 34th session of GCC petroleum cooperation committee at the ministerial level concluded here today, HE the minister Dr. Al Sada said the meeting has an additional significance as convening on consultations, discussions and agreement among GCC states to achieve prosperity and economic growth and to meet aspirations of our wise leadership to develop standard of living of the Gulf citizens.

He stressed that the world is well aware that the GCC countries are sparing no effort to secure a safe source of energy in order to boost the global economy under our wise leadership through coordination of attitudes and efforts in the Gulf regular meetings. HE the minister noted that the agenda of the meeting included developing of GCC joint action and GCC, regional and international cooperation in a number of issues such as outcomes of the GCC energy affairs team at the World Trade Organization, free trade agreements , Committee of Petroleum Media Specialists in the GCC states and results of the meetings of the officials of mineral wealth.

Minister GCC Energy Sector 2 [].jpgThe meeting also discussed the latest developments in a number of files such as efforts to address climate change in addition to the latest developments on the oil strategy of the GCC states and other topics that would contribute to harness the visions of the GCC countries in the areas of sustainable development, he said. Speaking at the event, Abdullah bin Juma Al Shibli, GCC Assistant Secretary General for Economic and Development Affairs said in spite of the oil commodity's contribution to more than 30 percent of the world's energy needs but it faces many challenges and attempts to reduce its role and its importance as a key source of energy.

Al Shibli added that the main producer countries of oil, including the GCC countries were facing false allegations , unfair accusations and misleading media campaigns , although they represent a safe and reliable provider to the global markets and tributary essential for the global economic stability and its growth and this requires us to work together to face these challenges and if it continues, it will negatively affect the Petroleum and economic interests of our countries.