Oil market closest to rebalancing: Al-Sada

The global oil market is “currently closest to rebalancing,” said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, who noted that “continuous downward pressure” on the prices in the last two years had dried-up the liquidity for investment in projects that would secure the required oil supplies.

There is a “pressing need for attracting huge investments” in such projects, al-Sada said.

He was speaking to the media after attending the 35th Meeting of the Oil Cooperation Committee at the GCC headquarters in Riyadh yesterday. Al-Sada led a high-level Qatar delegation to the event.

Al-Sada added that Opec member states had agreed to downsize their total production of oil to range between 32.5mn barrels per day (mbpd) and 33mbpd, and that a high-level technical committee had been tasked with establishing quotas for individual countries, to be finalised during the meeting of the Organisation of the Petroleum Exporting Countries scheduled in Vienna on November 30.

The meeting was chaired by Khalid A al-Falih, Saudi Arabia’s Minister of Energy, Industry and Mineral Wealth.

All GCC (Gulf Cooperation Council) ministers attending the event later met with Russian Minister of Energy, Alexander Novak.

Source: Gulf Times