1998 News Story

Arab energy conference held in Damascus

The sixth Arab Energy Conference today concluded its four-day meeting in Damascus by underscoring the importance of boosting cooperation among oil producers both from within the Organization of Arab Petroleum Exporting Countries (OAPEC) and outside it, in order to further bolster the stability of the oil market. The conference confirmed the importance of continuing coordination among oil countries at the international level to take advantage of the opportunities of opening up world markets, and pointed out the commitment of Arab countries to secure the world's oil needs at fair and reasonable cost.  The conference also emphasized the importance of enhancing cooperation between oil producing countries, both inside and outside OPEC, and those countries that import oil, a matter which would secure greater stability in the oil market and avoid acute price fluctuations that have negative repercussions on the economies of both oil producing and oil consuming countries.  Arab oil and energy ministers, senior executives from international oil companies, and representatives of specialized Arab organizations and funds took part in the conference.