LOC15:01
12:01 GMT
DUBAI, Nov 28 (KUNA) -- The upcoming ministerial meeting for OPEC at the end of this week will determine the course of action for the global market, said a Saudi minister Tuesday.
On the sideline of the Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA), held in Dubai, Saudi Minister of Energy, Industry, and Mineral Resources Khaled Al-Faleh told the press that technical discussions regarding the global price would have to wait until the OPEC meeting.
What the world needs now is to reach a stable level with the reserves before focusing on the right price, said Al-Faleh.
He added that the OPEC meeting tomorrow, co-chaired by Kuwait and Russia, will pay attention to the suggestions made by both consumers and procedures.
Meanwhile, in his address to GPCA, Minister Al-Faleh affirmed that the regional petrochemical industry has a great future, noting that this field has an integral role to play in the Saudi 2030 development vision.
Regional and international petrochemical actors, through the GPCA, have a chance to collaborate in this business sector and Saudi Arabia is willing to play a major role in developing the industry worldwide, said Al-Faleh.
On his part, the GPCA Yousef Al-Benyan said that the global demand for petrochemical products would increase by mid-century.
Al-Benyan said that the world must adapt to the upcoming changes in the industrial sector, stressing that the petrochemical domain will be part of this shift.
Sharing his input, GPCA's Secretary General Dr. Abdulwahab Al-Sadoun said the current event was part of the association's efforts to gather around the most important figures and entities within petrochemical industry.
The future opportunities for the sector are endless, affirmed the official who hoped that the event would reach its proposed goals. (end)
osj.smr.gta