1999 News Story

GCC oil ministers meet in Riyadh

The oil ministers of the member states of the Gulf Cooperation Council (GCC) held their 22nd meeting today in Riyadh. In a statement following the meeting, the oil ministers confirmed their countries' adherence to the agreement to continue with reduced oil production up to March 2000, and hoped that other petroleum producing countries will follow their example. The statement expressed support for the Kingdom's nomination of a Saudi citizen to the post of Secretary-General of the Organization of Petroleum Exporting Countries (OPEC). It reported on the positive steps taken towards the establishment of a gas network, praising the efforts of the various economic groups that have conducted studies on ways of developing the oil and gas industries. The ministers also discussed the outcome of United Nations meetings on the environment.