GCC oil ministers to meet tomorrow in Qatar

Ali Al NaimiAli-Al-Naimi, Saudi Arabia's oil minister will also be present at the annual meeting. (Image source: Russavia/WikimediaCommons)Oil ministers from Gulf nations are expected to meet in Qatar tomorrow for the first time after the latest slide in oil prices

At the moment, the price of crude oil stands at US$45.77 for a barrel, while brent is priced at US$49.54 per barrel. However, in August, prices hit a six-year low of US$42 a barrel. Prices plummeted mainly due to the concerns surrounding China and the persistent glut in oil price. It was just in June that the price of oil reached US$63 a barrel.

In the wake of changes due to the fluctuating oil price, GCC oil ministers – namely from Saudi Arabia, Qatar, Oman, Bahrain, Kuwait and UAE – will meet in Doha to air their views on the market. Specifically, Saudi Arabia’s oil minister Ali Al-Naimi’s comments are expected to be scrutinised carefully, said Reuters.

The agenda for the meeting will mainly discuss unifying gasoline prices, climate change and cooperation in the clean energy sector. However, there was no official mention of discussions around the current crude price.

“The Doha meeting is central given what the international petroleum industry is going through from volatility and to push toward stability,” according to the Kuwaiti oil ministry.

In 2014, the GCC oil ministers held their annual meeting in Kuwait, at a time when the price of oil was just a little below US$100 a barrel.

 

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