Doha: Qatari Minister of Energy and Industry Dr Mohammad bin Saleh Al Sada, who is also the current president of OPEC, said in a statement Tuesday that the oil market is advancing on its way to recovery and it is on the right track towards rebalancing in the second half of this year, Qatar News Agency (QNA) reported.
"As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline. This trend is likely to increase further from next month due to the onset of the summer driving season," Al Sada said.
"The world oil supply is declining. Accelerating closures of high-cost production facilities and declining numbers of drilling rigs in operation are among the main reasons for the drop in production around the world," he said.
The current level of oil prices is the main reason for the lack of investment in the oil industry, the minister added.
The next OPEC Ministerial Meeting is scheduled to take place in Vienna on June 2. Member countries will review closely the oil market situation along with current and future dynamics of oil supply and demand.