Oil prices on right track - Qatari oil min.

DOHA, Oct 29 (KUNA) -- Oil prices are heading to fair levels, and this is manifested in the last prices, which reached sometimes to USD 60 per barrel, said Qatar's Minister of Energy and Industry Mohammad Al-Sada.
Al-Sada made the press statement on Sunday after the opening of Qatar Sustainability Week (QSW).
The rate identified by OPEC is the average of oil reserve over the past five years, he said.
According to figures, the current reserve dropped from 300 million barrels to about 160 million, and it means that OPEC is on the right track, he stated.
He referred to the successful agreement of OPEC on cutting output that was signed with the oil producing countries who are not members of the organization.
In remarks last Tuesday, Al-Sada confirmed Qatar's commitment to the decision on cutting production that was taken by OPEC during its meeting last December.
He said Qatar would also support any decision to be taken by OPEC during the scheduled meetings next month that aims to decrease production.
If the next congress sees that it is necessary to extend the agreement, Doha would back this move, he noted. (end) nnd.hm