ARAB GULF STATES AGREE ON SAFETY-NET OIL EXCHANGE MECHANISM IN THE EVENT OF DAMAGE TO EXPORT FACILITIES

Oil Ministers of the six member states of the Gulf Cooperation Council (GCC) - Saudi Arabia, Kuwait, Bahrain, the UAE, Qatar and Oman - have agreed on a wide-ranging safety-net mechanism to safeguard oil deliveries in the event of damage to the export capability of any member country.

In essence, MEES understands, the agreement which was reached at a meeting of the GCC Oil Ministers in...