Al Attiyah Calls for Adapation with Oil Low Prices

London, February 27 (QNA) - HE Chairman of the Administrative Control and Transparency Authority Abdullah bin Hamad Al Attiyah has stressed the need for the oil-producing countries to adapt with the current oil low prices and work to rearrange the structure of their oil industry. In a press statement on the sidelines of 2015 Middle East conference 2015, currently in session in London, HE Al Attiyah said that oil prices had always been fluctuating since 1985, the year in which a significant drop in price occurred and that decline continued until the year 2000, when the average price of a barrel plunged to $ 18 and then began to climb gradually and reached more than $ 115 and then began to fall a little bit where these prices continued for several years. He added that the oil price was not always stable and is dependent on several factors such as the contraction of the global economy and the production of oil shale in the United States. HE Al Attiyah said: "this was not considered a bad thing" and must be handled and be adapted with , especially in the Gulf and North African countries where a barrel producing cost is less than in other countries and other producers, especially shale oil production, which its cost is high. He stressed the need for adopting new policy for drafting and controlling budget and financial reforms in order to cope with this situation. (QNA)