Unrest won’t put skids on oil supply: Qatar
28 Feb 2011
OPEC (the cartel of Oil & Petroleum Exporting Countries) and non-OPEC oil producers have plenty of available oil, Qatar energy minister Mohammed Saleh al-Sada said on Sunday, adding that there was no justification for nervousness in the market.
Concern about supply disruption from OPEC-member Libya, where revolt against its long-serving president has virtually halted exports, last week drove oil to a two-and-half year-high of nearly $120 a barrel.
Prices eased to just above $112 on Friday after an industry source said Saudi Arabia had increased its output to more than nine million barrels per day (bpd) following assurances from Riyadh that it would fill any supply gap.
"We think there is no shortage of supply. Others (inside OPEC) and others outside of OPEC can make up for the loss in Libya," Sada told reporters.
"As you can see there is no shortage of supply. The capacity is there and there is no reason for nervousness whatsoever."
Qatar is one of the smallest oil producers in the OPEC, pumping an estimated 0.8 million bpd, but it is the world's biggest exporter of liquefied natural gas.
