RIYADH, Saudi Arabia – The World oil market is currently closest to rebalancing.

This was stated by Qatar Minister of Energy and Industry, Dr Mohammad Bin Saleh Al Sada, adding that, the 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, Qatar News Agency (QNA) reports.

Dr Al Sada said this, at a joint press conference attended by Saudi Minister of Energy, Industry and Mineral Wealth in Engineering, Khalid A. Al-Falih, and Russian Minister of Energy, Alexander Novak.

The joint press conference was held on the sidelines of the 35th Meeting of the Oil Cooperation Committee in Riyadh.

The minister, who led Qatar’s delegation to the 35th Meeting, added that, there was a pressing need for attracting huge investments in such projects.

According to Dr. Al Sada, OPEC member states had agreed to downsize their total production of oil, to range between 32.5 and 33 mbpd.

A high-level technical committee had been tasked with establishing quotas for individual countries, to be finalised during the OPEC meeting, scheduled for Nov 30 in Vienna.

The Gulf Cooperation Council Ministers later met with Russian Minister of Energy, Alexander Novak.

Source: Nam News Network