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Qatar working to ensure oil market stability: PM

Senior Qatari ministers insist Gulf state is working to ensure market stability; say low prices helping cost reduction

Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani (second from right), Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada (second from left).
Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani (second from right), Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada (second from left).

Qatar’s Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani and Minister of Energy and Industry Mohammed bin Saleh Al Sada have sought to boost confidence the global energy market’s confidence in Qatar, amid the declining oil prices.

The senior ministers were speaking at the opening ceremony of the 9th International Petroleum Technology Conference (IPTC) at the Qatar National Convention Centre in Doha on Monday.

Sheikh Abdullah said Qatar has worked to provide everything that would ensure stability in world oil markets, both in terms of supplies or prices, The Peninsula reported.

He stressed that the market volatility that is not linked to demand and supply ‘will not be in the interest of producers or consumers in the long run’, in an apparent reference to the current global conflict between major oil producers over market share.

Sheikh Abdullah called for consolidating and deepening dialogue between the parties ‘to ensure sustainable growth for development efforts around the world, preserve economic achievements of all nations, contribute to raising the living standards of individuals and ensure continued investment in the various energy sources’.

Meanwhile, Al Sada commented that the current decline in oil prices should be the beginning and a motivation for reducing both capital and operating cost.

Al Sada stressed on the importance of technology and cooperation among the concerned bodies with the future of sustainable energy in the global energy market.

He mentioned that all oil companies in the world need technology to reduce the cost, but they need at the same time a fair price in order to continue investment and efficiency.

The Prime Minister, in his statement, highlighted Qatar’s use of advanced technology and the projects the country has initiated to develop the energy sector, especially the natural gas industry.

Sheikh Abdullah said that despite new prices in the world energy markets, Qatar continues its optimal investment of natural resources to meet global demand.

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