Doha: Kuwaiti Oil Minister Ali Al-Omair has commended a UAE economic study on easing of subsidies for oil derivatives and products.

Al-Omair, in a statement to Kuwait News Agency (KUNA) following the 34th session of GCC Petroleum Cooperation Committee in Doha, called on the GCC member states to benefit from the UAE energy study to introduce fair prices according to actual costs without affecting the consumer.

Meanwhile, Qatari News Agency (QNA) reported that the Qatari Minister of Energy and Industry, Dr. Mohammed bin Saleh Al Sada, has affirmed that the development of the GCC energy sector contributed to the strengthening of global economic stability in general and stability of Gulf economy in particular thanks to vital role played by economic sector in GDP growth and development of GCC countries' economies and their shares in global energy market.

Al Sada said the meeting had an additional significance as convening on consultations, discussions and agreement among GCC states to achieve prosperity and economic growth and to meet aspirations of our wise leadership to develop standard of living of the Gulf citizens.

He stressed that the world is well aware that the GCC countries were sparing no effort to secure a safe source of energy in order to boost the global economy under our wise leadership through coordination of attitudes and efforts in the Gulf regular meetings.

The minister noted that the agenda of the meeting included developing of GCC joint action and GCC, regional and international cooperation in a number of issues such as outcomes of the GCC energy affairs team at the World Trade Organization, free trade agreements, Committee of Petroleum Media Specialists in the GCC states and results of the meetings of the officials of mineral wealth.

The meeting also discussed the latest developments in a number of files such as efforts to address climate change in addition to the latest developments on the oil strategy of the GCC states and other topics that would contribute to harness the visions of the GCC countries in the areas of sustainable development, he said.