Minister of Energy: 'World Oil Market Was Currently Closest to Rebalancing'

Riyadh, October 23 (QNA) - HE Minister of Energy and Industry Dr Mohammad Bin Saleh Al Sada stated that the World oil market was currently closest to rebalancing, adding that the continuous downward pressure on the prices in the last two years had dried-up the liquidity for investment in projects that would secure the required oil supplies. This came during a joint press conference held by Dr Al Sada, Saudi Minister of Energy, Industry and Mineral Wealth in Eng. Khalid A. Al-Falih, and Russian Minister of Energy Alexander Novak. The joint press conference was held on the margins of the 35th Meeting of the Oil Cooperation Committee in Riyadh. His Excellency, who led Qatar's delegation to the 35th Meeting, added that there was a pressing need for attracting huge investments in such projects. He Al Sada added that OPEC member states had agreed to downsize their total production of oil to range between 32.5 and 33 mbpd, and that a high-level technical committee had been tasked with establishing quotas for individual countries, to be finalized during the OPEC meeting scheduled in November 30, 2016 in Vienna. GCC Ministers later met with Russian Minister of Energy Alexander Novak. (QNA)