Energy prices rebalancing after Opec accord: Qatar

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Istanbul - Global energy markets are heading to a rebalancing in the next years after oil prices fell to historic lows due to oversupply, Qatar's energy minister said on Thursday, praising Opec members for their adherence to a "successful" November deal to cut production.

Qatar's Minister of Energy and Industry Mohammed Saleh Abdullah Al-Sada told the Atlantic Council summit in Istanbul that a decade of high oil prices had led to a dangerous oversupply and subsequent price falls.

"The consequence was an unprecedented shrinkage in investment and if that trend continues will lead to new instability, a price spiral and a tightening of the market which is not in anyone's interest," he warned.

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