Qatar says oil markets oversupplied

Qatari Oil Minister Abdullah bin Hamad al-Attiyah said on Sunday world oil markets were oversupplied but he did not specify what OPEC should do about its production levels at its March meeting.

”I believe it (the oil market) is oversupplied for the time being,” he told reporters at an energy conference in Doha. ”We see now how the prices are falling … This shows there is no panic on the market and no shortage in supply.” The Organisation of Petroleum Exporting Countries (OPEC) is due to meet in Vienna on March 8.

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