CNBC | Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, which sent oil prices into free fall.
“I think it was a very big mistake,” Saad al-Kaabi told CNBC’s Hadley Gamble from Doha. Al-Kaabi is also CEO of Qatar Petroleum. “You know, flooding the market is what caused us to go to a very low level. And then the pandemic basically took it almost to a very dangerous area where people could not afford to produce anymore. And we saw, you know, negative pricing in (U.S. oil benchmark) WTI.”
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