Qatar will continue to support oil output cut - The Peninsula Qatar

Qatar will continue to support oil output cut - The Peninsula Qatar:

"Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada has emphasised that Qatar supports the continuation of work on the “declaration of cooperation” between members of the Organization of Petroleum Exporting Countries (Opec) and producers outside of the Organization on reducing their oil production.

On the developments in the global oil market since the Vienna agreement and the trend of oil prices to rise, Dr Al Sada said that “the agreement proved to be in the right direction”. The balance of supply and demand, in addition to the level of the world’s stock, together constitute the main factors that Opec and the countries participating in the agreement to decide based on the continuation of work with it, he said in an exclusive interview to QNA.

If the level of oil reserves returned to balance, or to the average of the last five years, whether this is achieved by the next Opec meeting in June, or at the time determined by market developments, then only a safe agreement should be initiated commensurate with market conditions then. “So we think it is premature to put forward an idea of a strategy to terminate the agreement at the current stage.”

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