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Tue 30 Dec 2008 05:57 PM

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Gulf leaders want action to stabilise oil prices

Gulf calls on region to work towards stable oil price to reduce impact of crisis on its economies.

Gulf Arab leaders called on officials in the top oil-exporting region to work towards stable oil prices and to coordinate efforts to reduce the impact of the global financial crisis on its econmies.

"The supreme council instructed... action on all that can contribute to the stability of oil prices to attain the targeted balance (in the market)," they said in a communique after their annual summit.

"It... discussed the financial crisis and its economic impact and instructed relevant ministerial panels to intensify coordination between member states to take measures for limiting its negative impact." (Reuters)

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