Crisis summit for Gulf states to weigh oil prices, Iran threat
ABU DHABI — The Persian Gulf states have been preparing for
what officials term a crucial summit designed to formulate energy and
security policy in the region.
Gulf Cooperation Council sources said the summit on Dec. 29 in Oman would examine the sharp
drop in crude oil prices as well as regional energy and security
requirements, Middle East Newsline reported. They said Gulf Arab leaders would focus on the Iranian threat
and options to defuse regional tension.
"The summit would examine alternative ways to deal with Iran," a GCC
source said.
Bahraini parliamentarian Jasil Ali said a key issue would be the global
credit crisis amid declining oil prices. Ali said GCC states have come under
pressure to contribute hundreds of billions of dollars to save Western
economies.
"Leaders need to take a stand on the issue of extending financial
support," Ali said in an analysis. "It makes sense for GCC states, notably
the UAE, Saudi Arabia and Kuwait, to contribute to a special IMF
[International Monetary Fund] package reportedly amounting to $250 billion."
So far, Saudi Arabia has denied plans to bail out the U.S. economy.
Instead, the Gulf Arab kingdom said Riyad would participate in a global
plan.
"All major countries in the world have been affected by the economic
meltdown amounting to trillions and therefore, they are not in need of mere
billions from the Gulf," Saudk King Abdullah Bin Abdul Aziz said.
GCC sources said the six-member states have failed to implement plans
for a monetary union and common market. They cited disputes, including the
distribution of customs revenues and end-users. So far, Oman has refused to
join the monetary union.
