Qatar energy minister weighs in on Saudi oil price war | Qatar News | Al Jazeera:
Qatar's Minister of State for Energy Affairs said Saudi Arabia made a big miscalculation when it launched an oil price war with Russia earlier this year, flooding an already saturated global market that was reeling from falling crude demand in the wake of coronavirus lockdowns.
"It was sort of a double-whammy where the market got hit in a very big way," Saad al-Kaabi, who is also CEO of Qatar Petroleum, told business news network CNBC on Monday.
"I think it was a very big mistake to flood the market," he added. "Flooding the market is what caused us to go to a very low level. And then the pandemic basically took it almost to a very dangerous area where people could not afford to produce any more."
In March, Riyadh announced it was lowering the price it charges for oil and would start pumping crude with abandon after it failed to convince Russia to agree to steep output cuts to offset a 30 million barrel a day blow to demand from the coronavirus pandemic.
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