“Now, we have a healthy, nearly balanced market with a win-win situation for all,” HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada said.
Brent crude futures were down 1 cent to $60.43 per barrel at 11:42 am EDT, and yet the benchmark was still close to its highest level since July 2015.
Brent rose 59 cents to $58.89 a barrel by 10:51 a.m. ET (1451 GMT), after rising to a session high of $60.08, the highest since July 2015 and more than 35% above its 2017 lows touched in June.
Oil prices rose on Thursday, with signs of a tightening US market spurring cautious buying by investors despite high crude supplies from producer club Opec.
Oil prices held just below eight-week highs on Thursday, supported by a steeper-than-expected decline in US crude inventories that boosted expectations of a shift to a more balanced market.
Qatar oil production increased to 615,000 bpd in April from 610,000 bpd the previous month, QNB’s new data showed.
Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil.