| Submit your comments on this article |
| Arabia |
| '2009 will be tough for oil market' |
| 2008-11-19 |
| The Qatari oil minister says the oil market will experience tough situations next year as oil demand will be reduced because of the global crisis. Crude oil prices have fallen by two-thirds since July's record high of $147 a barrel on fears of a prolonged global recession that could decrease world energy demand. "I expect 2009 to be a difficult year. All the indicators affirm a large decline in demand during the last quarter of the current year and the first quarter of 2009," the Qatar state news agency QNA quoted Oil Minister Abdullah al-Attiyah as saying on Monday. Al-Attiyah stated that a reduction in investment in oil projects due to the decline in the price of oil could lead to a decrease in oil supply in the long-term when demand increases. The Qatari oil minister made the remarks after Qatar Petroleum and the German firm Wintershall Holding AG signed an oil and gas exploration and production sharing agreement for a Qatar offshore block in Doha. |
| Posted by:Fred |