SAUDIA ARABIA: International Monetary Fund Managing Director Christine Lagarde praises Gulf countries for good management of oil prices and reserves

Record ID: 189018

  • Title: SAUDIA ARABIA: International Monetary Fund Managing Director Christine Lagarde praises Gulf countries for good management of oil prices and reserves
  • Date: 7th October 2012
  • Summary: RIYADH, SAUDI ARABIA (OCTOBER 6, 2012) (REUTERS) INTERNATIOINAL MONETARY FUND (IMF) CHIEF CHRISTINE LAGARDE , SAUDI FINANCE MINSTER IBRAHIM AL ASSAF AND OTHER PARTICIPANTS OF THE CONFERENCE WALKING TOGETHER VARIOUS OF LAGARDE, AL ASSAF AND OTHER PARTICIPIANTS POSING FOR PHOTO WIDE OF ROUND TABLE AT THE START OF TALKS VARIOUS OF TALKS MORE OF TALKS LOGO OF GULF COOPERATION (GCC) COUNTRIES LAGARDE AND OFFICIALS ENTERING NEWS CONFERENCE ROOM MEDIA (SOUNDBITE) (English) IMF CHIEF CHRISTINE LAGARDE SAYING: "It gave me the opportunity to thank the GCC countries for their engagement for the better stability in the global economy and better stability in this region of the world." WIDE OF CONFERENCE (SOUNDBITE) (English) IMF CHIEF CHRISTINE LAGARDE SAYING: (GCC played) stabilising role in the global economy because of the good monitoring and good management of the oil prices and oil reserves." MEDIA (SOUNDBITE) (English) IMF CHIEFCHRISTINE LAGARDE SAYING: "I can assure you that we are in very good, very productive discussions with Greece's authorities concerning the fiscal chapter of the program." MEDIA END OF NEWS CONFERENCE, PARTICIPANTS LEAVING
  • Embargoed: 22nd October 2012 13:00
  • Keywords:
  • Location: Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Economy
  • Reuters ID: LVA437BOL1TAU80FIPJ99XZO7X1L
  • Story Text: International Monetary Fund Managing Director Christine Lagarde has praised Gulf Arab countries' good management of oil prices and reserves, says talks with Greece "very productive"
    Chief of International Monetary Fund (IMF), Christine Lagarde told a news conference after meeting with senior officials from the six oil exporters in the Gulf Cooperation Council on Saturday (October 6) that good management of oil prices and reserves contributed to the world economic stability.
    "It gave me the opportunity to thank the GCC countries for their engagement for the better stability in the global economy and better stability in this region of the world.. (GCC played) stabilising role in the global economy because of the good monitoring and good management of the oil prices and oil reserves," Lagarde said.
    She predicted "sustainable growth but at slightly reduced rates in the years to come" for the GCC countries, which are Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman.
    Since OPEC ministers last met in June, Brent crude oil prices have surged about 20 percent and have hovered around $112-$117 a barrel since mid-August, despite fragile economic growth in many consuming countries.
    Last month, head of the International Energy Agency (IEA), which represents 28 importing countries, said high oil prices were a concern for these nations.
    In effort to cap high oil prices, sources told Reuters the United States is considering an emergency oil stocks release. Other members of the IEA, such as France and Great Britain, could also join the move.
    The Gulf States have managed to maintain high production levels, making up for lower supplies from Iran because of sanctions, and outages in the North Sea.
    Top oil-exporter Saudi Arabia's supply remained steady at 9.8 million barrels per day (bpd) in July and August, off multi-decade highs of over 10 million bpd earlier in the year.
    The big three Gulf OPEC producers - Saudi Arabia, Kuwait and the United Arab Emirates - collectively increased supply by around 400,000 bpd thanks to a 600,000 bpd jump in Kuwaiti production to 3 million bpd.
    Asked about IMF talks with Greece on its debt crisis, Lagarde said they had been positive.
    The discussion of the fiscal chapter of Greece's programme has been "very good and very productive", she said without elaborating. The talks also include Greece's structural reforms, financing and debt sustainability.
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