PGCC Oil Ministers to Meet in Doha

PGCC Oil Ministers to Meet in DohaPGCC Oil Ministers to Meet in Doha

Persian Gulf Arab oil ministers are due to meet on Thursday in Qatar for an annual meeting, in the first gathering by the heavyweight crude producers since the latest slide in oil prices.

But while the price drop is not on the agenda for the scheduled meeting of the six-nation (Persian) Gulf Cooperation Council, it will be a chance for oil ministers to air views on the market, Gulf Business reported.

Comments by Saudi Arabia's Oil Minister Ali al-Naimi, in particular, will be closely scrutinized. The minister of the world’s top crude exporter has made no public comment on prices since June 18, when the oil price was above $63 and he said he was optimistic about the market in coming months.

“The Doha meeting is central given what the international petroleum industry is going through from volatility and to push towards stability,” Kuwait’s Oil Ministry said.

Last year, (P)GCC oil ministers held their meeting in Kuwait. Oil prices were trading then at slightly below $100 a barrel, a level which had long been favored by OPEC members before last year’s policy shift.

Saudi Arabia, Kuwait, UAE and Qatar are the main Gulf OPEC members. Oman and Bahrain are both non-OPEC members.