(MENAFN- The Peninsula) The Peninsula
DOHA: Minister of Energy and Industry H E Dr Mohammad bin Saleh Al Sada, warned of the impact of the slow return of investments to the oil sector on the market supply.
In his speech at the 7th OPEC International Seminar, held under the theme 'World Economy and the Future of Oil Dr. Al Sada, said that without further investment, liquids supply would decline steeply leading to major price fluctuations down the line.
Dr Al Sada said that the State of Qatar believes in the viability and future of oil and gas projects and has therefore expanded its investments in the sector.
He noted that oil would continue to be the driving force behind the worlds economic prosperity and that world demand on oil will continue to grow, with an average rate of about 0.8 percent per year over the next two decades, driven mainly by transportation needs and the petrochemical industry, especially in Asia.
He added that the great challenge facing the world today is to ensure the availability of reliable sources of energy, stressing that it is necessary to strengthen efforts to achieve oil security to secure future investments.
In conclusion, Dr Al Sada praised the commitment by Opec members and other non-Opec producers/signatories to the Vienna Agreements, adding that it was 'hard work and dedication of Opec and allied non-Opec producers to find a common ground between the political and economic agendas of 24 countries that have resulted in bringing down the oil hangover to zero and in more than doubling oil prices in two and a half years.
The State of Qatar will also take part in the 174th meeting of Opec , and the 4th Ministerial meeting of the Opec and non-Opec meeting, due to be held in Vienna over the next two days.
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