Oil market heading towards rebalancing: Qatar minister

Moscow

GLOBAL oil markets are heading towards rebalancing, Qatar's energy minister said on Friday, a day after the Organization of the Petroleum Exporting Countries (Opec) failed to agree on a clear oil output strategy at a meeting in Vienna.

"It was a successful meeting, it was full harmony among members. We reviewed thoroughly market's status of oil supply and demand. The worst was over," Mohammed Al-Sada told reporters in Moscow. "The market is heading towards rebalancing."