DUBAI Ñ Libyan Prime Minister Shukri Ghanem told the Arab Strategic Forum on
Tuesday that Arab states who fail to end their dependency on the oil sector
face disaster. Ghanem envisioned a near-term reduction in Middle East oil
"If the oil wealth disappears, many oil-producing countries will face
catastrophe," Ghanem said. "The challenge we face today is that oil has
become a problem for us. We can not think beyond oil. It is going to run out
in the near future."
Ghanem, who urged greater investment in development, said Arab states
have become vulnerable to the turbulent global oil market. At the same time,
the prime minister predicted higher oil prices, Middle East Newsline reported.
"Research reports suggest that oil consumption will exceed the level of
oil production, putting pressure on future oil prices," Ghanem said. "As a
result, OPEC's role in determining the oil price will increase."
Qatari Energy Minister Abdullah Bin Hamad Al Attiyah said Gulf
Cooperation Council states failed to obtain record high oil prices of $55 a
barrel posted a month ago. Al Attiyah said GCC states have not received more
than $45 for a barrel of oil.