The Gulf Cooperation Council’s (GCC) political and economic strength stems from the credible energy policies it has adopted during the past four decades and the special security and economic relationship it has developed with western countries, particularly the US.
The major transformation that global energy markets have undergone, coupled with the changes the GCC itself has sustained, have seen the block emerge as a vital energy supplier to the world. The GCC, which is comprised of Saudi Arabia, UAE, Kuwait, Qatar, Oman and Bahrain, accounted during the past four decades for one-fifth of global crude supplies producing more than 207bn barrels, commented Saudi Petroleum and Mineral Resources Minister Ali Naimi in a speech at Brookings Doha Center on 1 April. (CONTINUED - 1166 WORDS)
