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Wed 3 Dec 2008 10:08 AM

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$70 oil could delay Qatar projects - minister

Oil minister fears 'many projects' will be impacted as oil price loses $100.

If the oil price stays under $70 many energy projects to boost future capacity will be delayed, Qatar's oil minister Abdullah al-Attiyah said on Wednesday.

"My concern is that the oil price will go lower," Attiyah said at a petrochemical conference in Dubai. "And many projects will be delayed."

US crude settled below $47 a barrel on Tuesday, the lowest settlement since May 2005, but has since rallied slightly to around $48. (Reuters)

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