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Kuwait lauds UAE study on oil subsidies

Doha - Kuwaiti Oil Minister called on GCC member states to benefit from the UAE energy study.

By Wam

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Published: Sat 12 Sep 2015, 12:00 AM

Last updated: Sat 12 Sep 2015, 9:32 AM

Kuwaiti Oil Minister Ali Al Omair has commended a UAE economic study on the liberation of subsidies for oil derivatives and products.
Al Omair, in a statement to the Kuwait News Agency following the 34th session of the GCC petroleum cooperation committee in Doha, called on GCC member states to benefit from the UAE energy study to introduce fair prices according to actual costs without affecting consumers.
Meanwhile, the Qatari News Agency reported that Qatari Minister of Energy and Industry Dr Mohammed bin Saleh Al Sada has affirmed that the development of the GCC energy sector contributed to the strengthening of global economic stability in general and to the Gulf economy in particular, thanks to the vital role played by the economic sector in GDP growth and development of GCC countries' economies and their shares in the global energy market.
Dr Al Sada said the meeting had an additional significance; convening on consultations, discussions and agreement among GCC states help achieve prosperity and economic growth and to meet aspirations of the wise leadership to develop standard of living of Gulf citizens.
He stressed that the world is well aware that GCC countries are sparing no effort to secure a safe source of energy in order to boost the global economy under its wise leadership through coordination of attitudes and efforts in regular Gulf meetings.
The minister noted that the agenda of the meeting included the development of GCC joint action, as well as GCC, regional and international cooperation in a number of issues such as the outcomes of the GCC energy affairs team at the World Trade Organisation, free trade agreements , Committee of Petroleum Media Specialists in the GCC states and results of the meetings of the officials of mineral wealth.