Gulf states are prepared to make up for any shortage in the oil market to safeguard the stability of oil prices, Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said yesterday.
“GCC countries will fill any shortage in oil to stabilise oil prices worldwide and will cooperate with international institutions to regain world economic stability,” said Shaikh Hamdan during a meeting of GCC finance ministers and central bank governors. He added that the GCC, which possess more than 70 percent of OPEC’s oil production capacity, plays a pivotal role in world markets, particularly due to the world financial crisis which has hit the confidence of world economies.
“The high level of unemployment, the decline in world economies, the weakness of financial systems and sovereign debt risks are shimmering in the horizon and they should be dealt with and tackled by all the world,” Shaikh Hamdan pointed out. He explained that despite the repercussions of the world economic and financial crisis, the GCC countries are witnessing positive signs due to the increased levels of public spending.
“We have increased the efficiency of public spending and boosted the private and foreign sector’s investments as strategic partners of the government,” added Shaikh Hamdan. He stressed that GCC countries are working hard to bolster Arab cooperation and development to help regain financial and economic stability.