“We Cannot See Any Shortage of Oil in Any Part of the World” – Qatar

DOHA (Zawya Dow Jones)–The global oil markets are well supplied, Qatar’s energy minister said Tuesday, adding that “all issues” would be discussed at the OPEC meeting in Vienna next month.

“We cannot see any shortage of oil in any part of the world,” Mohammed Bin Saleh Al Sada told reporters on the sidelines of an industry event here.

Oil prices have fallen in recent weeks amid ongoing global economic uncertainty. July Brent crude on London’s ICE Futures exchange was last down 42 cents at $108.39 a barrel.

Ministers from the Organization of Petroleum Exporting Countries, or OPEC, meet in Vienna next month at a time when the West is sharply tightening sanctions against Iran’s oil exports.

Tensions between Iran and its Gulf Arab neighbors also remain high after Tehran threatened to close the Strait of Hormuz late last year, a key waterway through which one fifth of the world’s oil passes every day.

“At the upcoming meeting the picture will be clearer and we will address all issues”, Al Sada said.

-By Alex Delmar-Morgan, Dow Jones Newswires

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up