GCC Countries Cooperating to Stabilize Oil Market

Tuesday, 21st May 2019
by Editorial Team

A visitor passes ENOC-branded oil barrels stored at the Emirates National Oil Co. lubricants and grease manufacturing plant in Fujairah, United Arab Emirates, on Monday, March 12, 2012. ENOC, as Dubai’s government-owned refiner is known, will expand the plant’s capacity to 250,000 tons a year by 2014, it said. Photographer: Gabriela Maj/Bloomberg

Arabian Gulf countries are working to strengthen their coordination in supplying crude oil to global markets, especially amidst increased regional tensions, according to Khalid Al-Jarallah, Kuwait’s Deputy Foreign Minister.

“It is normal amid this escalation that Kuwait and the Gulf Cooperation Council (GCC) countries take these steps,” Al-Jarallah told reporters on May 19, according to Kuwait Times.

“There is cooperation and coordination between Kuwait and the Gulf countries to provide guarantees for oil tankers and continuous supply of energy to global markets,” the deputy minister added, commenting on the tensions hit the Gulf waters.