Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum, has stated that “flooding” of the oil market has headed to the oil price fall.
And the coronavirus pandemic took it to almost to a very risky area where producers could not afford to produce any longer that steered to undesirable pricing in the US benchmark WTI.
“I think it was a very big mistake,” Minister Al Kaabi told CNBC International in an exclusive interview.
“Now, I think the actions that have been taken by the same group really is to agree what was agreed in the past and keep more sensible … to cater to the supply and demand that we’re seeing,” Minister Al Kaabi said.
He added, “So there is a shortage of that coordination at the beginning of the year, now I think it’s much better.” He wished that the demand should pick up slowly with people coming out of quarantines across the world, the curfews and especially the movement of transportation in general, mass transportation, airlines taking off again, and so on.