Kuwaiti Minister of Oil Hani Hussein said on Tuesday that the global oil market is balanced with no disparity between supply or demand.
Prior to his departure, the minister made the remarks in a press statement following the conclusion of the 31st meeting for the GCC oil and energy committee meeting held earlier at the General Secretariat of the GCC in Riyadh.
The minister added that current prices reflect the current state of the market, noting that market's mechanism do control the way to determine prices.
Hussein added the meeting here were important in bolstering coordination and consultation among GCC countries, in particular on oil production prices and formulating ides ahead of the upcoming GCC sumit next December.
In relation to hosting the Petroleum Media Forum in Kuwait, Hussain said that GCC oil ministers agreed on the importance of the forum which would reflect positively on the Gulf Cooperation Council (GCC) and highlights its role on the regional and global arenas, especially in the fields of energy and mining.
Earlier, the meeting began here with the participation of Kuwait Oil Minister Hani Hussein and with presiding chairman of Saudi Arabia, the Minister of Oil Ali Al-Nuaimi.
Al-Nuaimi said in a speech that the GCC played a vital role in the dvelopment of oil prices on the global scale.