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FINANCIAL NEWS
GCC discusses unified oil product prices
22 Sep 2013
(MENAFN) Gulf Cooperation Council (GCC) countries” oil ministers will meet at the 32nd Petroleum Cooperation Committee meeting to discuss steps taken in a study on placing a single price on oil products in GCC nations, Times of Oman reported.
This move will reduce oil consumption in Saudi Arabia by nearly 30 percent as it will curb the smuggling of oil to neighboring countries to be sold at higher prices, an oil analyst expects.
Other issues regarding the oil sector in the GCC countries will be discussed in the meeting including regulations in the common law on GCC mining and energy reports for member countries and the results of meetings with other countries” economic partners.
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