QNA/London


HE the Chairman of  the Administrative Control and  Transparency Authority Abdullah bin Hamad al-Attiyah has stressed the need for the oil-producing countries to adapt with the current low  oil prices and work to restructure their oil industry.
In a press statement on the sidelines of Middle East conference 2015, currently in session here, al-Attiyah said that oil prices had always been fluctuating since 1985, the year in which a significant drop in price occurred and that decline continued until the year 2000, when the average price of a barrel plunged to $18 and then began to climb gradually and crossed $115 and then began to fall a little bit where these prices continued for several years.
He added that the oil price was not always stable and is dependent on several factors such as the contraction of the global economy and the production of shale oil in the United States.
Al-Attiyah said: “This was not considered a bad thing” and must be handled and adapted with, especially in the Gulf and North African countries where the production cost of a barrel is less than in other countries and other producers, especially shale oil production, the cost of which is high.
He stressed the need for adopting a new policy for drafting and controlling budget and financial reforms in order to cope with the situation.
In his keynote speech at the conference, al-Attiyah affirmed that Qatar, since 1995, has been actively building capacities for the oil and gas industry and all types of energy.
Al-Attiyah said that Qatar’s investment aimed at expanding production capacity, covering crude oil, liquefied natural gas, refined products and petrochemical industries, noting that the country’s investment in the energy sector during the last five years alone had exceeded $80bn. He stated that the most significant infrastructure in Qatar was represented in building the biggest facility for liquefied natural gas.
Al-Attiyah said Qatar was the world’s third largest natural gas producer and added that the country’s comparative advantage is increased due to the overwhelming availability of natural gas with low production costs.
He said Qatar, with the assistance and support of its international partners, has successfully marketed its hydrocarbon resources.
Qatar’s Ambassador to the UK Yousf bin Ali al-Khater and Mayor of London Boris Johnson attended the conference.
Earlier al-Attiyah participated in a seminar organised by the Middle East Conference 2015 entitled “Impact of Oil Prices Falling on the Middle East and North Africa.”
Al-Attiyah reviewed the latest developments related to oil prices and their impact on the exporting and importing countries as well as investment opportunities in Qatar and the government’s efforts in the area of transparency and fight against corruption.