The oil price is on the right track, as the level of global commercial reserves is reducing the rate set by the Organisation of Petroleum Exporting Countries (OPEC), Minister of Energy and Industry HE Dr Mohammed bin Saleh Al Sada said yesterday during the opening of Qatar Sustainability Week (QSW).
The minister added that the rate set by OPEC is the average of the oil reserves in the past five years and according to the numbers, the current reserve decreased from 300 million barrels to almost 160 million, which means that OPEC is on the right track.
He noted that the OPEC’s agreement with the oil producing countries who aren’t members of the organisation is successful and the latest reports show 120 percent commitment level.
He also said that the oil prices is heading towards the fair price, as reflected by recent price increases.
Al Sada reiterated Qatar‘s commitment to reducing oil production based on the decision made by OPEC in its meeting in December 2016.
He stressed that Qatar will back OPEC’s decision regarding reducing production in its upcoming meeting.
Speaking about Qatar’s sustainability in the energy and industry sectors, the minister said that sustainability is an integral part of the National Vision 2030. He added that regulations and laws have been implemented to import equipment and appliances that uses minimal energy like air conditioners, in addition the Qatar General Electricity and Water Corporation (Kahramaa) is carrying out a large awareness campaign on rationalizing electrical energy known as Tarsheed.