(MENAFN- The Peninsula) QNA
Doha: The oil market is now balanced between supply and demand, the Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said today, noting that the price could rise due to shifts in sentiment and geopolitical changes.
Speaking on the sidelines of a press conference held by the Ministry to announce signing of a MoU with Qatar University (QU), the minister said that the oil market has been witnessing a lot of developments recently. Some of those developments he said was the increase in demand globally and geopolitical changes, stressing that all those variables will be taken into consideration in the upcoming OPEC meeting.
The minister added that OPEC and non-OPEC members who are part of the agreement to lower production were constantly monitoring these changes, pointing out that their goal is to reach a balance between supply and demand. He said that the decision to continue working with the agreement will depend largely on the changes in the market, stressing that the involved parties were committed to having the market in balance.
The Ministry of Energy and Industry signed a Memorandum of Understanding (MoU) with Qatar University on the development of its legal capabilities. The Energy Minister signed the MoU along with QU President Dr Hassan bin Rashid Al Derham.
The Minister said in the press conference marking the MoU that it reflected the ministry's commitment to benefiting from the different sets of expertise available in Qatar.
For his part, QU President Al Derham expressed his delight at signing the MoU, adding that the ministry continues its long-standing support of the university. He added that the agreement is focusing on cooperation in the legal field, particularly in the energy fields.
He highlighted that the Qatar economy is largely supported by the Hydrocarbon sector, and as a result, the university sees it necessary to make a contribution towards enhancing national capabilities of that important sector.
The agreement will see teachers and students of the university use real-life cases for their academic studies, QU President said.
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