CAIRO: Qatari Energy Minister Mohamed bin Saleh al-Sada said on Sunday the situation in the oil market has become a challenge for development plans but there was no room for pessimism.
"The gap between supply and demand has widened, which led to the quick drop in prices to record levels," he said at the start of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo.
"The difficult circumstances are still surrounding the oil and gas industry in our Arab countries and in the whole world and with the increase in oil supplies due to the continuation of pumping from the high-cost unconventional projects and the slowing down of the world economy," he said.
"The current situation has become a challenge to the development plans. However, there is no room for pessimism here. There is a reality we have to deal with."
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