Qatar says too early to exit OPEC oil cuts as investment still low
OPEC and its allies led by Russia have reduced production since the start of 2017 to ease a global oil glut stemming from the U.S. shale oil boom that saw oil prices crashing to below $30 per barrel and investment in the oil sector falling by over $1 trillion in the past three years. OPEC`s production restraints have helped cut global oil stocks in industrialised nations from as high as 350 million barrels to as low as 50 million barrels, Sada said.
OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a big supply and price shock in the long run, OPEC member Qatar said. Image source: Reuters