(MENAFN- The Peninsula) QNA
Doha: The oil price is on the right track, as the level of global commercial reserves is declining to the rate set by the Organization of Petroleum Exporting Countries (OPEC), Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said on Sunday.
On the sidelines of the opening of Qatar Sustainability Week (QSW), the minister said 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.
Al Sada added that the agreement OPEC signed with the oil producing countries who aren't members of the organization is successful, where the latest reports show 120 percent commitment level which confirms a move in the right direction and marked an obvious decline in reserves.
The minister said that the oil is heading towards the fair price, as reflected by recent price increases, which sometimes went to more than $60 a barrel.
Al Sada reiterated Qatar's commitment to reducing oil production based on the decision made by OPEC in its meeting in December 2016.
The minister added that Qatar will support any decision OPEC may make regarding reducing production in its upcoming meeting to be held in November, saying if the upcoming conference sees the need to extend the reduction of oil production, Qatar will support it.
With regards to Qatar's efforts with sustainability in the energy and industry sectors, the minister said sustainability is an integral part of Qatar National Vision 2030, which was launched and sponsored by the H H Emir Sheikh Tamim bin Hamad Al-Thani, affirming that Qatar seeks to achieve sustainability in different ways by developing the laws, regulations and procedures to reduce emissions and energy consumption especially electric power.
The minister said regulations and laws have been set to import equipment and appliances that use less energy such as 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.
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