HE the Minister of Energy and Industry Dr Mohammed bin Saleh al-Sada said on Sunday that the global oil market is now balanced in terms of 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 the signing an MoU with Qatar University (QU), al-Sada said the oil market has been witnessing a lot of developments recently.
Some of those developments included the increase in demand globally and geopolitical changes, al-Sada said, stressing that all those variables will be taken into consideration in the upcoming Opec meeting.
He added that Opec and non-Opec members, who participated in the agreement to lower production targets, were constantly monitoring these changes, pointing out that their goal is to reach a balance between supply and demand.
The minister said the decision to continue working with the agreement will depend largely on the changes in the market, stressing that the parties involved were committed to having the market balanced.
The Ministry of Energy and Industry signed yesterday a memorandum of understanding with Qatar University on the development of its legal capabilities.
Al-Sada signed the MoU along with QU president Dr Hassan bin Rashid al-Derham.
The minister said the MoU reflected the ministry's commitment to benefiting from the different sets of expertise available in Qatar. The agreement will be mutually beneficial, he said.
Al-Sada noted that the suitable cadres from the two institutions will be chosen to implement the MoU.
Al-Derham expressed his delight at signing the MoU, adding that the ministry continues its long-standing support of the university.
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 the national capabilities to support that important sector.
The agreement will see teachers and students of the university use real-life cases for their academic studies, the QU president said. Many other ministries were also co-operating with QU to implement their 2018-2022 strategies, he added.