5 / 32
deficits would be the automatic impact for the oil prices drop in most OAPEC
member countries except Kuwait and Qatar.
The drop of oil prices has caused the increase of deficit in the balance of
payment in most OAPEC member countries. Many of these countries had
expanded their public investment spending before the current developments.
Various mega infrastructure projects have been executed; however, the current
situation could mean postponing the execution of some mega projects especially
in the energy sector until these countries can have a clearer vision on the oil
prices in the world markets.
While observing current developments in the world’s oil prices, OAPEC
Secretariat General lauds the sincere efforts of its member countries to re-
balance the world’s oil market. It hopes that the world’s oil market would
witness some improvement in the coming period. This calls for further dialogue
between oil producing and oil consuming countries on the one hand and OPEC
member and non-member oil producing countries on the other hand, in addition
to including the USA in the oil producing countries’ list following the congress
decision to lift ban on US oil exports.
The Secretariat General also hopes that its member countries execute
more economic projects through economic diversification and private sector
promotion, in addition to reconsidering subsidy programmes that wary their
public budgets and contribute to increasing consumption and low efficiency in
using energy resources while burdening the public finance.