FINANCIAL NEWS

GCC countries promise to stabilize oil prices

11 Oct 2010

(MENAFN) A statement issued by the Kuwaiti Oil Minister, Sheikh Ahmad Abdullah Al Sabah, said that the oil ministers of the Gulf, in a meeting of the Organization of Petroleum Exporting Countries (Opec), promised to stabilize the price of oil in international markets, AFP reported.

He added that the oil markets have witnessed many developments that forced the major producers to oppose more challenges in the way of achieving stability of the oil price and markets.

The ministers discussed activating the GCC unified economic agreement to promote internal investments and joint oil projects.

In 2009, Oil was traded at roughly between $70 and $80 per barrel for the past year. It had plummeted to $32 in December 2008 from a record high of $147 in July of the same year, because of the global financial crisis.

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