DOHA, Qatar – Qatar's energy minister says the oil market is recovering slowly from its steep drop over the past two years but crude is still not trading at a "fair price" to encourage necessary investment.
Mohammed bin Saleh al-Sada says a minimum price of $65 a barrel is "badly needed at the moment." He says the security of future supplies is as risk because of a drop in investment prompted by the price slump.
Al-Sada spoke to The Associated Press on Tuesday in Doha. He currently serves as president of OPEC, the 13-member bloc of oil producers that is preparing to meet in Vienna next week.
In the interview, al-Sada did not rule out reviving talks of a freeze in production among major producers after similar negotiations collapsed last month.