Oil market ‘heading towards re-balancing’

Oil prices are heading towards re-balancing. That’s according Qatari energy Minister Mohamed Al-Sada who told reporters last week’s OPEC meeting was a successful meeting even though members did not agree […]

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By Jacqueline Echevarria

Oil prices are heading towards re-balancing.

That’s according Qatari energy Minister Mohamed Al-Sada who told reporters last week’s OPEC meeting was a successful meeting even though members did not agree a cap in oil production.

He added: “It was full harmony among members. We reviewed thoroughly market’s status of oil supply and demand. The worst was over.

“Investment is needed to come back so that we can sustain production and satisfy the market medium to long term.”

Oil prices are trading above $50 (£34/bbl) per barrel despite the lack of agreement between OPEC members in Vienna, that’s almost double the price of a barrel at the start of the year.