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Sun 17 Jan 2010 09:59 PM

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Oil market 'well supplied' - Qatar Oil Minister

Recent rise in oil prices not to hamper economic recovery, output targets remain the same.

Oil market 'well supplied' - Qatar Oil Minister
WELL EQUIPPED: Qatars oil minister said that the oil market is well supplied and that it was too early for speculation. (Getty Images)

Qatar's oil minister said on Sunday the market is "well-supplied" and that it was too early to speculate about the outcome of OPEC's next meeting in March.

Speaking to reporters on the sidelines of a conference in the UAE capital, Abdullah bin Hamad al Attiyah said: "The market is well-supplied ... and it's too early to talk about March now."

The recent rise in oil prices would not hamper economic recovery, he added.

Earlier on Sunday Saudi Arabia's deputy oil minister Prince Abdulaziz bin Salman told reporters at an energy conference in the kingdom's capital Riyadh, that oil prices at between $70 to $80 a barrel is reasonable, also adding it was too early to predict the outcome of OPEC's next meeting.

OPEC members achieved a 66 percent compliance last year with agreed crude output targets, a senior Iranian oil official was quoted as saying earlier on Sunday.

The producer group kept its oil output target unchanged at a Dec 22 meeting in Angola.

OPEC made no changes to policy in 2009 after making a record supply cut in 2008 as recession eroded demand and sent prices sliding. (Reuters)

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