IMF hails GCC role in oil markets

Oct. 8, 2012 at 8:15 AM

RIYADH, Saudi Arabia, Oct. 8 (UPI) -- The effects of a global economic slowdown have been limited for oil exporting countries in the six-member Gulf Cooperation Council, the IMF said.

Managing Director of the International Monetary Fund Christine Lagarde, speaking in Saudi Arabia to GCC finance ministers, said oil policies embraced by the GCC helped provide stability to international oil markets and the world economy.

The GCC is comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

"While prospects remain challenging for many countries throughout the Arab world, the GCC economies are enjoying high growth," Lagarde said in a statement.

"The effects of the global downturn have so far been limited, oil prices remain near historically high levels and higher export volumes have contributed to buoyant hydrocarbon revenue."

Lagarde said GCC economies were fundamental examples of multilateralism, which she said would be the focus of a World Bank-IMF meeting in Tokyo later this year.

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