Qatar oil minister says market experiencing ‘temporary correction’

ABU DHABI: The oil market is experiencing a "temporary correction" and fundamentals should dictate a fair price for oil, Qatar's oil minister Mohammed al-Sada said in a speech on Sunday.

"We believe in the role of market fundamentals in dictating prices," he told a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.

Sada also said the main reason for oil's plunge in recent months was slow growth of the global economy and an increase in sources of supply, particularly unconventional.

Current oil prices may result in a weakening of investments in oil and gas projects, he added.