Gulf Producers Prevent Global Oil Crisis
From Khaleej Times
The Gulf States have worked to ensure that recent upheavals in the Arab world do not create an oil crisis and global economic recession.
“The events of the last two years in the Arab world were predicted to have dire consequences on global oil markets,” said Badr Jafar, President of Crescent Petroleum. “Yet due to the determined efforts of Gulf producers to increase supply and compensate for losses elsewhere, global oil prices have not reached the levels that might spark a global economic crisis.”