Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi called for joint Arab cooperation on petroleum and energy policies to face challenges as a team. Addressing the 9th Arab Energy Conference in Doha Sunday, Al-Naimi said Arab countries enjoy great international importance because of the high gas reserves, accounting in 2008 for about 58 percent of the total global oil reserves and 30 percent of natural gas reserves. “We have three main petroleum dimensions to which we must pay special attention at the global, regional, and domestic levels,” said the minister. “At the international level, the Arab petroleum-producing states must continue to play a positive role for the stability of the petroleum market and industry, nurture international cooperation and seek to maintain oil as the basic source of energy. “At the regional level, Arab countries are confronted with a set of similar challenges and issues in the oil industry and policies, and in the field of energy in general. This reality makes it imperative for the Arab states to pursue cooperation and perhaps integration in these fields. At the domestic level, we have a special responsibility to our people.” He said Saudi Arabia aims to become a key international center in the field of energy research, cooperating with scientific research centers and specialized international universities and institutions, and developing technologies for indigenous use. The opening of King Abdullah University of Science and Technology (KAUST) and the establishment of King Abdullah Center for Petroleum Studies and Research are steps in this direction. Qatari Energy Minister Abdullah Al-Attiyah said Sunday there was no proposal to hold an extraordinary meeting of OPEC in light of falling prices. “There is no proposal to hold an extraordinary OPEC meeting,” he told reporters at the 9th Arab Energy Conference. His statement followed a call Saturday by his Kuwaiti counterpart for OPEC to meet ahead of its scheduled conference in October if oil prices slide below $65 per barrel. Oil prices have fallen sharply since late Monday as the dollar struck 14-month highs against the euro on worries about the impact of a Greek debt crisis on the eurozone.
