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  Business   In Other News  08 Oct 2018  Oil market is balanced, says Qatar energy minister

Oil market is balanced, says Qatar energy minister

REUTERS
Published : Oct 8, 2018, 10:54 am IST
Updated : Oct 8, 2018, 10:54 am IST

Oil prices have been rising as US sanctions against Iran’s crude exports are set to start next month.

The oil market is balanced in terms of supply and demand, Qatar’s Energy Minister Mohammed al-Sada said on Sunday. (Photo: AFP)
 The oil market is balanced in terms of supply and demand, Qatar’s Energy Minister Mohammed al-Sada said on Sunday. (Photo: AFP)

Dubai: The oil market is balanced in terms of supply and demand, Qatar’s Energy Minister Mohammed al-Sada said on Sunday.

“Geopolitical changes” are the reason for the recent rise in crude prices, the state-run Qatar News Agency quoted him as saying.

 

“There are developments in the oil market including supply and the increase in global demand, and these considerations will be taken into account at the next meeting of OPEC (the Organization of the Petroleum Exporting Countries),” he said.

Oil prices have been rising as US sanctions against Iran’s crude exports are set to start next month. Brent crude is trading at nearly USD 85 a barrel, compared to USD 65 at the beginning of the year.

Tags: energy minister, mohammed al-sada, oil market, global demand, opec
Location: United Arab Emirates, Dubai, Dubai