Calls for the establishment of a Gulf oil stock market to reduce the risk of speculation

At a time when oil prices experienced significant declines with the end of 2014, a specialized economic report indicated that the talk is going to establish a unified Gulf Oil bourse able to impose its presence and influence on the world stage, and competitive to oil markets in London, New York and Singapore.

 

The Gulf Cooperation Council (GCC) enjoys with many features make it capable of achieving competition and maintain its wealth of oil and gas in the light of the continued speculation and breadth of its negative effects on the economies of producing countries. The Gulf Cooperation Council enjoys with international heaviness depending on its important position in global energy markets, and acquires an important role on the global financial and commercial interactions map over the world.

According to a report from Crescent Petroleum company, the production of the Council states of crude oil at the end of the year 2013 amounted to about 17 million barrels per day, and 397 billion cubic meters of liquefied natural gas, at a time when the GCC countries have the largest oil reserves in the world, estimated at 496 billion barrels, equivalent to 33% of the total world reserves.

And fall on the Gulf oil bourse the responsibility to maintain price stability and access to fair prices at all times and circumstances In addition to maintaining the oil rights requirements and to contribute to putting an end to speculation recorded by the oil markets, and the growing need to find Gulf oil bourse due to their ability to contribute to the development and the balance between spending on development projects and oil revenue.

The bourse will contribute to maintaining the required price by the GCC, and the Gulf Cooperation Council (GCC) will strengthen its productive capacity, as the Kingdom aims to reach a production capacity of 15 million barrels during the next twenty years, as UAE seeks to reach a production capacity of 3.5 million barrels per day during the next few years.

The report stressed that the time has come for the establishment of a Gulf oil bourse work to maintain the economies of countries in the region and the world, and to minimize the risk of persistent speculation, that the assumed bourse will contribute to the stability of global energy markets and works as a driver for those markets at the same time.

While the geographic location of the GCC will be important in influencing the driving prices at a global level, taking into consideration that the existence of bourse for oil at the Gulf States is a successful way to market and promote the oil and the conclusion of international and regional contracts for oil.

It also helps to protect the oil rights of Gulf states, in all times and will have a positive impact on the revitalization of the movement of oil contracts and direct impact on the Arab oil pricing system in the world markets.,