Gulf Arab countries to establish joint oil and gas market

Oil&Gas Materials 8 October 2012 16:27 (UTC +04:00)

Azerbaijan, Baku, Oct. 8 / Trend A. Taghiyeva /

The Cooperation Council for the Arab States of the Gulf's (CCASG) member-countries plan to establish a joint oil and gas market, the Kuwaiti Oil Ministry said on Monday.

The proposal was put forward by Oman at the 12th meeting of deputy oil and energy ministers of CCASG member-states.

The purpose of establishing the oil and gas market are to hold the consultations on oil prices, strengthening the cooperation between CCASG and the EU in the energy sector.

CCASG member-states will be able to set and stabilize oil prices in the region thanks to the establishment of the oil and gas market.