(MENAFN- The Peninsula) The Peninsula
DOHA: Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said yesterday that the oil market is now in balance between supply and demand, noting that the price could even rise due to shifts in sentiment and geopolitical changes.
Speaking on the sidelines of a press conference held by the Ministry to announce signing a MoU with Qatar University (QU), Dr Al Sada said that the oil market has been witnessing a lot of developments recently. Some of those developments, the Minister 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.
Dr Al Sada added that Opec and non-Opec members who participating in the agreement to lower production were constantly monitoring these changes, pointing out that their goal is to reach a balance between supply and demand. 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 yesterday a Memorandum of Understanding (MoU) with Qatar University on the development of its legal capabilities. The Minister signed the MoU, along with QU President Dr Hassan bin Rashid Al Derham.
Later, in a press conference, Dr Al Sada said the signing of the MoU refelcted the ministry's commitment to benefiting from the different sets of expertise available in the State of Qatar. The agreement will be mutually beneficial. He noted that the suitable cadres from the two institutions will be chosen to implement the MoU, saying that the agreement was the latest effort of cooperation between the two sides. The Minister stressed that the ministry was committed to its cooperation with QU, expressing hope that the two sides can benefit from implementing today's agreement.
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.
He also noted that there were many other ministries cooperating with QU to implement their 2018-2022 strategies.
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