Qatar's oil minister, Abdullah Bin Hamad al Attiyah, said Sunday he is satisfied so far with the Organization of Petroleum Exporting Countries' commitment to cut production in an attempt to stem the $100 a barrel decline in crude oil prices since July.
Asked if he was satisfied with the group's compliance to take a total of 4.2 million barrels a day out of the market since September, he said "so far, yes...the commitment is very good."
OPEC's latest round of cuts have helped lift crude prices to about $45 a barrel in the U.S., up from a five-year low of about $33 a barrel in December.
Speaking to reporters, Al Attiyah said it was "too early to comment" on whether OPEC's 11 quota-bound members may agree on further cuts at the group's next meeting in Vienna on March 15.
Iran's OPEC governor Mohammed Ali Khatibi, speaking in Doha ahead of attending a major gas exhibition Monday, said the group's "adherence is better than everybody expected, 80%, 90%."
However, Khatibi warned that crude prices at present levels were too low to ensure future investments in projects to sustain and expand crude oil production capacity.
"Up to 2030, we have to build capacity for 45 million barrels a day, just for compensating the (natural) decline. In addition to that, we need to respond to future demand. The current price cannot encourage any investment, everybody expects a better price. The question is how we can achieve this," Khatibi said.