$65 oil price 'badly needed' for investment says Qatar


Oil markets are rebalancing but crude is not at

Oil markets are rebalancing but crude is not at a fair price yet, Qatar's energy minister and current Opec president told the Associated Press in an interview published on Tuesday, saying a minimum price of $65 a barrel was "badly needed at the moment".

"The oil market is recovering slowly but steadily. Luckily, the fundamentals show it is heading in the right direction," Mohammed Al-Sada was quoted as saying.

"I don't think we are yet at a fair price. We need to have a fairer price so that we can have the ability to invest more in order to secure the energy supply to the world and avoid any price shock," he said.

Benchmark Brent futures were trading at around $48 a barrel on Tuesday. - Reuters



Tenders