Qatar's oil minister Abdullah bin Hamad Al Attiyah said Monday he is "happy" with Organization of Petroleum Exporting Countries' compliance to crude oil production quotas and global oil demand.

"I am very happy with compliance, we are seeing stability in the market and prices are within expectations," Attiyah said, speaking to reporters in Qatar 's capital, Doha .

Oil futures bounced back Monday amid a recovering euro against the U.S.dollar, following the EUR750 billion emergency package to prop up the EU currency. Crude-oil futures fell for fourth straight days to Friday, amid rising worries over euro-zone sovereign debt, the pace of U.S. economic recovery and rising stockpiles.

Light, sweet crude oil for June delivery on the New York Mercantile Exchange was trading up $3.22 a barrel at $78.33 at 0930 GMT Monday.

Attiyah also said he was happy with global oil demand and that he doesn't see a shortage in supplies.

"There's no shortage of supply; today supply is very efficient and comfortable for consumers, prices are not related to a shortage of supply," Attiyah said. "Today the market is driven by psychological factors, I am happy with the existing demand we are seeing, there is no disruption in demand."

OPEC's 11 members that abide by the group's quota system have seen compliance slip since oil prices staged a recovery in early 2009, dropping to 49% in April from above 80% in March last year, according to the latest Dow Jones Newswires OPEC production survey. Iraq is the only member outside the group's quota system.

Διαβάστε ακόμα