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Friday, April 19, 2024 4:43 GMT
Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum has said that ‘flooding’ of the oil market has led to the oil price plunge. And the pandemic took it to almost to a very dangerous area where producers could not afford to produce anymore that pushed to negative 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 for the supply and demand that we’re seeing,” Minister Al Kaabi said.“So there is a shortage of that coordination in the beginning of the year, now I think it’s much better,” he said. He hoped that the demand should pick up slowly with people coming out of quarantines all over the world, the lockdowns and especially the movement of transportation in general, mass transportation, airlines taking off again and so on. Minister Al Kaabi said the possibility of a second wave of coronavirus will continue to weigh on the energy outlook, including liquid natural gas prices.