Gulf states spending $50 billion to increase oil output

The Persian Gulf states have spent $50 billion to increase crude oil production.

Bahraini Energy Minister Abdul Hussein Al Mirza said the six Gulf Cooperation Council states would spend $50 billion by the end of 2010 to bolster crude oil fields and discover additional reserves. Al Mirza said the effort was greatest in Bahrain, Qatar, Saudi Arabia and the United Arab Emirates.

"We are all aware that fossil fuel, the major energy source, will not last indefinitely," Al Mirza told an energy conference on May 18. "We must also recognize the GCC commitment toward ensuring supplies of oil to the international markets calls upon them to make huge investment in developing and increasing production capacities."