FINANCIAL NEWS

Qatar sees Europe debt crisis pressuring on oil prices

16 May 2010

(MENAFN) Qatar’s Oil Minister, Abdullah bin Hamad Al-Attiyah, said that the European debt crisis would continue to weigh on oil prices, saying that oil prices are not reflective of demand and supply, but of psychological factors and uncertainty engendered by the European debt crisis, Reuters reported.

Al-Attiyah said that the Greek bailout in particular puts a lot of pressure on the world economy and the oil price.

The minister expected further declines in oil prices, without elaborating to which price levels, but only saying that prices are very volatile. He said that he’s monitoring the development with nervousness.

Earlier this month, OPEC Secretary General, Abdullah Al-Badri, said that the global oil market was oversupplied, calling for greater compliance among members of the group.

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