According to the Minister of energy of Qatar Mohammed bin Saleh al-Sady, the oil has not traded at a “fair price” needed to attract investment, despite the market recovery. In an interview with AP, he stated that “at the moment is extremely necessary to the minimum price reached $65/barrel. writes The New York Times.
Al-Sada warned that continued with 2014 falling prices there is a threat to future supplies. “The oil market is recovering slowly but steadily. Fortunately the fundamental factors show that it is moving in the right direction”, — said the Minister.
The Qatari official, currently also is President of OPEC, did not rule out the resumption of negotiations on the freezing of the level of oil production, with the participation of the largest exporters. In April at the meeting in Doha was already an attempt to reach agreement to limit production the January level. Saudi Arabia at the last moment refused to join the agreement, saying it lack in the negotiations of its regional rival Iran.
“Nothing on the case itself is not cancelled, but we respond to the parameters of the market,” said al-Sada. “If major exporters in the OPEC and outside of OPEC believe that the resumption [of the talks] is necessary, the question is completely open and is always on the table.”
Next week in Vienna will be planned OPEC summit, which will be discussed further steps on the part of the cartel. At the meeting, Saudi Arabia will be the first to submit Khaled al-Faleh, who succeeded in early may on the post of oil Minister Ali al-Nuaimi, who held this position for over twenty years.
In late April, Venezuela had offered to invite the participants of the meeting in Doha for a summit of OPEC in June. According to al-Sady, it is possible, and now is consulted to organize a new meeting “at the summit, parallel to the summit or after the summit”.
Earlier, Minister of energy of Russia Alexander Novak said that oil exporters will have meaning only then, when OPEC members will agree among themselves on further action.
In trading on the London electronic stock exchange ICE the barrel of Brent crude oil was worth at 14:32 GMT $48,26, 0.19% of the closing level.