OAPEC stresses GCC’s importance as oil supplier

Organization of Arab Petroleum Exporting Countries (OAPEC) Secretary General Abbas Ali Al-Naqi has stressed the strategic importance of GCC countries as they provide the entire world with 23 percent of its oil needs and about 12 percent of its needs from natural gas, indicating that GCC countries possess 39 percent of the international oil reserves and 21 percent of the natural gas reserves.
In a press statement during his participation at the 2nd Gulf Petroleum Forum, Al-Naqi said the forum, being held from April 7-8 with the participation of several GCC and Arab governmental authorities and companies from the public and private sectors, assumes significance as it focuses on the strategic importance of the Gulf area in the world’s oil and natural gas sectors.
In addition, it stresses the necessity of coping with the territorial changes and their reflections on the international oil markets.
Al-Naqi clarified that the importance of this forum is also due to the significant role Kuwait plays along with other GCC countries in the oil sector. Kuwait possesses huge oil reserves. In addition, it seeks to bring and apply the latest technologies applied in exploration, drilling, transport and export fields.
He confirmed that Kuwait is keen on enhancing coordination among GCC and OAPEC member countries concerning all territorial and international fields to tackle all issues related to oil resources and the challenges that such a vital industry confronts.
Moreover, it seeks to reinforce the concept of ‘energy security’ in the region and the entire world to keep providing oil and gas from the Gulf area and countries of the Middle East to the entire world - believing that the concept of energy security means security of supplies and security of demand on energy.
Al-Naqi added that OAPEC plays a pioneering role in bolstering coordination among the concerned authorities, which manage energy cases to serve the interests of OAPEC member countries.
This manifests clearly through the coordinative meetings, which the organization convenes in different fields, including climate change. Add to this the daily meetings which are held among OAPEC member countries, OPEC member countries, the Arab League and GCC to tackle cases of mutual concern.
He also hailed the role OAPEC member countries in reinforcing common collaboration among each other.
With reference to the importance of the 2nd Gulf Petroleum Forum, Al-Naqi stated that the activities of the forum this time coincide with an increasing concern in the development plan of the Gulf oil sector to provide an appropriate opportunity for the international companies to be acquainted with the latest developments in the Gulf oil sector in general and the activities and huge projects which will be floated in Kuwait in particular.
Al-Naqi indicated the forum is tasked with handling issues regarding the oil and gas, and petrochemical industries technically, economically and commercially, in addition to discussing the substantial role of such vital industries in the process of comprehensive development that is taking place in GCC countries particularly in Kuwait.