Bahraini Oil Minister: Gulf oil is a pillar of global energy security and international market stability
Mohammed bin Deneen affirmed that the oil sector in GCC countries is a pillar of energy security and market stability.
Translated by Qiyas from كونا — Original source
Manama, Oct 5 (KUNA) -- Bahrain’s Minister of Oil and Environment and Special Envoy for Climate Affairs, Dr. Mohammed bin Deneen, affirmed today that the oil and energy sector in the Gulf Cooperation Council (GCC) countries constitutes a cornerstone of the global energy security framework and a pillar of stability in international energy markets. This statement was made during his keynote address while chairing the 37th meeting of the GCC Petroleum Cooperation Committee, attended by the energy ministers of the GCC states and GCC Secretary-General Jasem Al-Budaiwi.
At the outset of the meeting, the Bahraini Minister of Oil and Environment emphasized that convening this session in the Kingdom of Bahrain reflects the deep-rooted fraternal ties uniting the GCC states and the strong support and attention afforded by the GCC leaders to the trajectory of joint Gulf cooperation, which has contributed to consolidating frameworks for coordination, consultation, and knowledge exchange across various fields, particularly in the oil and energy sector.
He noted that rapid economic, technological, and geopolitical shifts necessitate continued enhancement of coordination and alignment of visions and policies among GCC member states, thereby bolstering their capacity to manage changes, safeguard energy supply security, and maintain market stability.
He added that GCC countries are continuing their efforts to develop the energy sector and strengthen its readiness to keep pace with global developments by supporting innovation, deploying modern and clean technologies, and striking a balance between the requirements of economic growth and sustainable development and climate and environmental considerations. These efforts leverage accumulated expertise and capabilities to enhance the sector’s competitiveness and resilience and to consolidate its position within the global energy system.
The meeting reviewed a number of priority topics within the framework of Gulf cooperation in the oil and energy sector, including updates on the energy strategy and energy security, the just and balanced energy transition, and the regional emergency plan for petroleum products. It also addressed developments related to European cross-border legislation and measures pertinent to the energy sector, as well as trade and foreign trade issues. (End) K.N.A. / M.A.H.A.
