Qatar's energy minister said Monday oil production in the Middle East remains reliable and there is no shortage.
"Supply from the Middle East has been reliable despite perceived disturbances in the region ... there is no shortage of oil," Mohammed Saleh Al Sada said during a Middle East Petroleum and Gas Conference in Bahrain.
Gulf Opec members with the bulk of the organisation's spare oil capacity have been working hard to bring oil prices down, which had surged over fear of loss of Iran's supply due to the West's new round of sanctions.
Oil jumped to $128 (Dh470) in March, the highest level since 2008. "Spare capacity remains at a comfortable level and investments are coming back in the next years to reinforce this capacity," Al Sada said.