World Bulletin / News Desk

U.S. President Barack Obama said Thursday that Washington and the Arab monarchies of the Gulf were united in their commitment to defeating the ISIL group.

"We remain united in our fight to destroy (ISIL)," he said in Riyadh at the close of a Gulf Cooperation Council summit.

"Given the ongoing threats in the region the United States will continue to increase our security cooperation with our GCC partners including helping them improve their own capacity to defend themselves," Obama added.

At the same time, the U.S. and Gulf oil producers will work together to lessen the impact of low oil prices.

They "will launch a new high-level economic dialogue with a focus on adjusting to lower oil prices, increasing our economic ties and supporting GCC reforms", Obama said.

Saudi Arabia, the world's biggest oil exporter, and its petroleum-rich neighbours have been forced to cut subsidies and adopt other measures to deal with deficits caused by plunging oil prices, which make up the bulk of their revenues.

Oil prices have collapsed from more than $100 a barrel in early 2014 to around $40 this month, in part because Saudi Arabia refuses to cut production as it struggles to keep its market share alongside American shale oil producers.

Obama said underpinning the new GCC-U.S. economic dialogue is the need for "an economy that serves all its citizens and respects universal human rights".

He said the process would support the Gulf monarchies "as they work to provide jobs and opportunities to their young people and all of their citizens."