Qatar hails Saudi and Russia's move on oil prices
(MENAFN- The Peninsula) Minister of Energy and Industry H E Dr. Mohammed bin Saleh Al Sada, who is also the current President of Opec, with the new Opec Secretary-General Mohammad Sanusi Barkindo in Doha yesterday.
By Sachin Kumar
DOHA: Qatar welcomed yesterday the results of a meeting held between Saudi Arabia and Russia on the sidelines of the G20 summit to discuss oil production and prices.
The two countries released a joint statement after the meeting and said they will cooperate to contain the excess volatility in the oil market.
They will form a working group to monitor the market and draft recommendations to stabilise oil prices and ensure steady investment in the industry.
Commenting on the announcement, Qatar";s Minister of Energy and Industry H E Dr. Mohammed bin Saleh Al Sada said Qatar backs the statement of the world";s biggest two oil producers.
On his meeting with Algerian Minister of Energy Noureddine Boutarfa and Secretary-General of Opec Mohammed Sanusi Barkindo, Dr. Al Sada said that the meeting was held to coordinate positions over the status of the oil market and prepare for this month";s unofficial Opec meeting in Algeria.
The Minister said that the increasing number of meetings between Opec members recently was because all parties involved understand that it is in the interest of producers and consumers alike to find a fair price for oil.
Dr. Al Sada added that Qatar is working in its capacity as Opec President with all members to pursue price stability in the oil markets.
Dr Al Sada highlighted the two consecutive meetings held in Doha as an indication of Qatar";s efforts in pursuing price stability.
On the state of Qatari economy, the Minister said that the gross domestic product (GDP) growth of 4 percent was strong given the conditions of the global economy.
On the expectations regarding the results of the unofficial Opec meeting that will take place in Algeria this month, the Minister said that the joint statement of Saudi Arabia and Russia will be a boost to that meeting.
The Minister also highlighted in particular that yesterday";s statement had a mechanism to monitor oil prices, adding that the two countries made the right decision.
The Minister said that the market prices will regain its right trend, but maintained that all parties involved must work together to ensure the re-balancing of supply and demand is done quickly in order to eliminate the harmful economic and social effects on the oil market and the global economy.
The Minister added that reaching a fair price for oil is paramount to help producing countries invest in oil and gas drilling to meet future demand and help the global economy grow at higher levels.
The Peninsula