January 23, 2018 / 4:45 PM / 10 months ago

Qatar sees oil market balancing in third quarter of 2018

FILE PHOTO: OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader

DAVOS, Switzerland (Reuters) - Oil markets should reach balance after several years of supply glut some time in the third quarter of 2018, Qatari Energy Minister Mohammed al-Sada told Reuters on the sidelines of the World Economic Forum in Davos.

Al-Sada said the majority of the surplus has been taken away by the market but he still sees excellent opportunities for OPEC and non-OPEC members to continue cooperation beyond 2018.

He said that oil producers could also target the flow of investments into the sector.

Supply shock is a possibility if the flow of investment remains restrained, as it has done over the past several years, he said.

Reporting by Dmitry Zhdannikov; Editing by David Goodman

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