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Euro zone worries 'pushing oil prices down'

Tokyo, October 4, 2011

Qatar's energy minister said on Tuesday that worries over the debt crisis in the euro zone were pushing oil prices down, rather than issues relating to supply and demand.

Mohammed Saleh al-Sada made the comment on a visit to Tokyo.

Earlier, asked if Opec should cut production to stop crude oil prices falling further, he said: 'We are watching supply and demand.'

Qatar, he said, did not see yet a need for urgent Opec meet before its next scheduled gathering in December.

But Sada said it was monitoring closely the impact on oil demand of slowing economic growth and the debt crisis in Europe. 

US crude prices closed at a 12-month low on Monday on concern the debt crisis in Europe would trigger a global recession and cut demand for oil.

'We are watching developments, especially in the euro zone situation and the world's prospects for GDP. These are the important factors affecting demand,' he noted.

Qatar is consulting with other members of Opec as it monitors supply and demand in oil markets, he said. Oil supply was plentiful and stockpiles of oil in consuming countries were at healthy levels, he added.-Reuters

Tags: Opec | Oil Prices | Euro zone | push | Qatar minister | worries |

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