Gulf Countries Hope to See Stability in Oil Market
    2012-01-28 22:26:11     Xinhua      Web Editor: Sun
The Gulf countries hope to see stability in the global oil market despite that the European Union is to impose an oil embargo against Iran, Saudi Foreign Minister Prince Saud Al-Faisal said on Saturday.
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The Gulf countries hope to see stability in the global oil market despite that the European Union is to impose an oil embargo against Iran, Saudi Foreign Minister Prince Saud Al-Faisal said on Saturday.

However, there is no binding decision by the Gulf countries in response to the embargo against Iran, said the foreign minister, adding that the Gulf countries will only defer to decisions made by the United Nations.

Faisal made the statement at a press conference held in Istanbul after the conclusion of the Fourth Ministerial Meeting of Strategic Dialogue between Turkey and the Gulf Cooperation Council (GCC).

The one-day meeting focused on relations between Turkey and the GCC countries as well as safety and security of the region.

GCC Chairman Abdul-Latif Al-Zayani said that the meeting carries huge significance in light of the challenges faced by Middle Eastern countries and the unrest posing security threat to the Arab world.

The officials examined a report prepared by the GCC Secretariat- General on cooperation between the Gulf countries and Turkey in the political, economic, security, military and cultural sectors.

Turkish Foreign Minister Ahmet Davutoglu said that Turkey and the Gulf countries are concerned about the global economic woes, the Eurozone crisis and the social transformation after the turmoil in the Arab world.

He said that officials at the meeting are supportive to the Arable League's stance towards Syria, calling on the Syrian government to end the bloodshed in the country.

Strategic dialogue between the GCC countries and Turkey began in September 2008 after the signing of an agreement on the mechanism.

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