RIYADH, 23rd October 2016 (WAM) – A UAE delegation, headed by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, attended the 35th meeting of the GCC Petroleum Cooperation Committee, which opened in Riyadh on Sunday.

The meeting was chaired by Saudi Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Faleh and attended by GCC Secretary General Dr. Abdullatif bin Rashid Al-Zayani.

At the beginning of the meeting, Al-Faleh delivered a speech in which he welcomed the attendees in the Kingdom of Saudi Arabia, conveying to them the greetings of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

Al-Faleh stressed that the importance of the meeting, which is being held among fluctuations, resulting in pressure on the budgets of all the GCC countries and affecting spending on the ambitious development plans in the GCC countries.

“We are worried that the sharp decline in oil prices has led to reduce petroleum investments in many countries, which may lead the world to face a shortage of supply in the future and eventually, to a negative impact on global economy.

The Saudi minister also said the oil market had begun to move towards a balance.

“We started within OPEC’s member countries, and in cooperation with non-OPEC’s member countries, intensive consultations to take appropriate procedures to restore balance and to accelerate the process of recovery in the market, taking into account the growing of oil stocks through the last period.”

“It is no secret the GCC countries play a key economic role, especially in the oil market. Our combined production is estimated at18 million barrels a day, representing more than 20 percent of the global output, so we have a large and influential role in the stability of the market and we are always shouldering that responsible role in coordination and close cooperation among ourselves and with the rest of the oil producing countries, both inside and outside OPEC,” he added.

Also attending from the UAE’s delegation were Dr. Matar Hamed Al Neyadi, Under-secretary of the Ministry of Energy, Ahmed Mohammed Al Kaaabi, Assistant Under-secretary for Oil and Gas and Mineral Resources, and Talal Al Faleeti, Director of the Minister’s Office.