Kuwait's oil policy eyes stability of world oil markets -- Minister

KUWAIT, Sept 11 (KUNA) -- Kuwait's oil policy rests on a great part on keeping its oil flow steady to the oil markets, with future emphasis on broadening its production capacity to meet the demand of these markets, said Kuwaiti Oil Minister Dr. Ali Al-Omair, at a GCC oil meeting here on Thursday.
He told the GCC oil ministers and officials attending the meeting that Kuwait's ambitious oil strategy stretches from 2020 to 2030 and addresses increasing production and refining capacities as well as developing current refineries to match world industry standards and the building of yet another new refinery.
He said toward that planned expansion of its oil activity for the near future, Kuwait has concluded numerous energy agreements with renowned oil companies of world repute to partner with them on the implementation of projects on the discovery, production, and distribution of oil and oil products.
He urged GCC states to support the work of such organizations as OPEC and OAPEC and World Petroleum Forum and others since they focus on a balanced economic view of the oil business and its major players, stressing at the same time the importance of GCC oil producers because of their enormous oil reserves and their strategic geographical locations.
He said the meeting here has tackled key issues such as a proposal for unifying prices of petroleum products in GCC countries, measures to achieve oil prices stability, clean energy, economic development, and petroleum-focused media, in addition to reviewing a regional oil sector emergency plan as well as developments in UN climate change negotiations.
On his part, GCC Secretary General Abdullatif Al-Zayani lauded at the meeting the cooperation among GCC states on coordinating their oil policies vis-أ -vis working on stabilizing prices in oil markets. (end) asg.ajs