Qatar energy minister says oil between USD 40-50 per barrel realistic

Oil&Gas Materials 14 April 2009 02:41 (UTC +04:00)

Qatar's Deputy Prime Minister and Minister of Energy and Industry Abdullah al-Attiya said on Monday that oil prices between 40 and 50 U.S. dollars per barrel are realistic under the current global financial crisis.

Speaking to reporters on the sidelines of the International Energy Forum (IEF), the minister said, "We are talking about reality, so we have to be practical."
He added that the prices of 40 to 50 dollars per barrel are realistic and suitable to the world economy in 2009 under the current crisis.
"Economists predict the world economy to be at low ebb in the period ahead, so we have to speak in realistic way," al-Attiya said, adding that 2009 would be "very tough" for the world economy, Xinhua reports.

He voiced hope that 2010 would see an end to the crisis and resumption of economic growth.
Meanwhile, Iran, OPEC's second largest oil producer, said on Sunday it favors oil price between 75 and 80 U.S. dollars.
The Organization of the Petroleum Exporting Countries (OPEC) is due to held its next meeting on May 28 to make a decision on output.
OPEC has reduced its oil production by an overall 4.2 million barrels per day since last September in a bid to prevent the further drop of oil prices which peaked at 147 dollars per barrel in July and fluctuated this year between 40 and 50 dollars.