GCC plays due role to secure stability of global oil market - Saudi Min.

RIYADH, Oct 23 (KUNA) -- The Gulf Cooperation Council (GCC) member states have been playing due role for the stability of the world's oil market, Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said on Sunday.
Al-Falih made the statement at the opening of the 35th meeting of the GCC Petroleum Cooperation Committee.
Kuwait's Deputy Prime Minister, and Minister of Finance and Acting Minister of Oil Anas Al-Saleh is attending.
The Saudi minister added that the GCC is playing that responsible role in close coordination with other oil producers, both inside and outside the Organization of the Petroleum Exporting Countries (OPEC), for the good of the people, the GCC and the global oil industry.
He said that the GCC offers up to 18 million barrels of oil daily, more than the world's 20 percent.
According to Al-Falih, the world's oil market has recently been making for a balance. He referred to "intensive consultations" inside OPEC in cooperation with non-OPEC states to take measures to speed up recovery of the market, considering the swollen inventories over the past period.
Meanwhile, the Russian Energy Minister Alexander Novak is meeting with the GCC counterparts in the Saudi capital later today.
This is part of Russia's influential role as a major oil producer and exporter, Al-Falih said.
For his part, GCC Secretary General Abdullatif Al-Zayani told the meeting that the plentiful oil resources in the bloc have contributed to their renaissance and enhanced their status on the world scene.
However, this has brought them a responsibility and a burden toward preserving stability of the world market, as well as supporting the global economy through guaranteeing continuous flow of supplies, he said.
The GCC ministerial meeting discusses a host of recommendations submitted by the 16th meeting of the GCC oil ministries undersecretaries held on October 9, in addition to other reports.
The ministers will also address a memo on the activities of the Committee of Petroleum Media Specialists and achievements of the Mineral Wealth Officials Committee, as well as the regional emergency committee for petroleum products. (end) yms.msa