Bahrain: Oil will keep Gulf region vital globally

The Bahraini oil minister, Sheikh Mohamed Bin Khalifa Bin Ahmed Al Khalifa, said that the political challenges in the Gulf region will always be present but the Gulf will always have an important economic weight in the world.

“Oil will remain the most important commodity in the world. The Gulf region, which has the world’s leading strategic location, will continue to have the largest oil reserves and the highest production rates,” said Sheikh Mohammed in a press statement yesterday. He added that he expects oil prices to rise to over $55 a barrel next year.

The Gulf will be unable to meet the global market’s needs and demands for renewable energy, the minister said, although it is good to promote the idea of clean energy.

Read: UAE replaces Qatar oil with US