Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
TT

Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.

Oman’s Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef said that industry is a key economic sector at the level of the GCC countries.

It ranks second among the member countries with a contribution of more than 12.2 percent, he added.

This sector grew by 8 percent during 2022 compared to 2021, reaching $434 billion.

The city of Salalah witnessed the inauguration of the first Gulf industrial exhibition, on the sidelines of the 65th Trade Cooperation Committee, the 51st Industrial Cooperation Committee, the 6th Ministerial Committee for Standardization Affairs, and the consultative meeting between Commerce and Industry ministries and heads of federations and chambers of the GCC states in the period between 13-15 September.

Al-Youssef noted that the GCC countries achieved a growth of more than 6 percent in the Gulf economy during 2022 and their GCD passed $2.4 trillion. It is further expected to reach $6 trillion in 2050.

GCC intra-trade exceeded $107 billion, added the minister, noting that the sovereign fund financial assets at the GCC countries surpassed $3225 billion.

The 65th GCC Trade Cooperation Committee meeting discussed several important topics, including the creation of a permanent committee concerned with investment, taking a decision regarding the trade and economic ministers meeting with China 6+1, and the GCC trade laws.

It was attended by Nigel Huddleston, the UK Minister of State for International Trade. The meeting reviewed the GCC-UK free trade agreement that is still being negotiated between the GCC and the UK.



Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
TT

Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo

The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further.”

Hochstein, speaking to the FT said that the US would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."

The Energy Department this year has been buying about 3 million barrels of oil per month for the SPR after selling 180 million barrels in 2022 following Russia's invasion of Ukraine. The move was an effort to curb gasoline prices that spiked to more than $5.00 a gallon, but it also reduced the reserve to its lowest level in 40 years.

Earlier this month, Energy Secretary Jennifer Granholm told Reuters that the US could hasten the rate of replenishing the SPR as maintenance on the stockpile is completed by the end of the year.