Concern about supply disruption from Libya drove oil to a 2.5 year-high of nearly $120 a barrel
OPEC and non-OPEC oil producers have plenty of available oil, Qatar energy minister Mohammed Saleh Al Sada said on Sunday, adding 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 2-1/2 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 9 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 Organization of the Petroleum Exporting Countries, pumping an estimated 0.8 million bpd , but it is the world's biggest exporter of liquefied natural gas.
Libya also ships gas as well as oil.
Reporters asked whether Qatar could supply extra natural gas if requested by European customers, especially Italy, which is very heavily dependent on North African supplies.
"All the gas is sold, but we may consider some diversion in line with flexible contracts," Sada said.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.