Gulf can fill any shortage of oil: UAE minister

ABU DHABI: Gulf countries are able to fill any shortage of oil on international markets to keep prices stable, the finance minister of the United Arab Emirates said on Saturday.

"The GCC countries are playing a major role in stabilising the global financial crisis through long-term investments, through sovereign wealth funds possessed by the GCC countries, in addition to the major role played by the GCC countries in the oil and gas markets and their stability," Sheikh Hamdan bin Rashid al-Maktoum, also deputy ruler of Dubai, told a meeting of Gulf finance ministers and central bankers.

"The GCC countries will be in a position to fill any shortage of oil on the international markets for the stability of oil prices.

"We will also work hand-in-hand with international institutions in order to achieve balance in the international economic system."