GCC To Consider Uniform Fuel Prices

The Gulf Cooperation Council (GCC) has discussed the possibility of imposing unified fuel prices across the GCC nations. This prospect was discussed yesterday in the 32nd Petroleum Cooperation Committee meeting held yesterday at the GCC headquarters in Riyadh, Saudi Arabia.

GCC is a political and economic union of Middle Eastern states and includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE. Of these six nations, three are also members of the OPEC (Organization of Petroleum Exporting Countries). These six countries have a combined production of crude oil of approximately 17.3 million barrels per day.

Figure 1: GCC crude oil production...

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