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Qatar says oil market moving towards rebalancing

Reuters

ABU DHABI (Reuters) - Qatar's energy ministry said on Wednesday that oil markets were showing a positive trend towards rebalancing as demand rises and production slows around the world.

Mohammed al-Sada, Qatar's energy minister and current president of the OPEC conference, is expected in Vienna on Wednesday where the group will meet on Thursday.

The rebalancing of the market is "largely due to a rise in demand and the slowing down or outage of many production stations around the world, let alone the retreat in investments in the sector," the ministry said in a statement.

It said the agenda for Thursday's OPEC meeting includes the current global oil market, expected developments in production levels, supply and demand, investments in the oil sector and dialogue with non-OPEC producers.

(Reporting by Rania El Gamal; writing by Maha El Dahan; editing by Jason Neely)