OPEC Secretary-General Praises Qatar Role in Pursuing Oil Price Stability

Doha, – OPEC Secretary-General Mohammed Sanusi Barkindo expressed Monday his appreciation to the role the State of Qatar plays in coordinating between oil producers to pursue stable prices for oil.

Speaking to the press today after a meeting with HE Qatar’s Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada and Algerian Minister of Energy Noureddine Boutarfa, the Secretary-General said he was confident oil producers will overcome challenges facing the oil market.

He noted how the decline in oil prices has had an adverse effect on the global economy as billions of dollars’ worth of investments in oil exploration were scrapped. He concluded that looking to stabilize oil prices will be a boost to growth globally. The Secretary-General also said he supported the joint statement issued today by Russia and Saudi Arabia saying they will cooperate to monitor the prices of oil.

For his part, the Algerian Minister said that his administration’s view is that the current level of prices were to low and don’t help the economies of oil producers. He stressed the importance of the unofficial OPEC meeting later this month as a chance to reach positive conclusions regarding the prices.

Source: Qatar News Agency