Qatar's energy minister says he believes that oil prices have bottomed out ahead of an expected meeting of OPEC members and other oil producers later this month.

Energy and Industry Minister Mohammed bin Saleh al-Sada said in a statement Sunday that rising global demand and a lack of new supplies coming to market would help put a floor under prices.

Al-Sada also says that low prices have prompted oil companies to cut their spending on capital investments by nearly 20 percent this year, and that the cuts could lead to production shortfalls down the road.

Oil prices have plunged by more than half since the summer of 2014, with U.S. benchmark oil prices settling Friday at $49.63 a barrel.