Qatar's Minister of Energy and Industry, Dr Mohammed Saleh Al Sada, and current president of OPEC said in an emailed statement that the global oil market was on the road to recovery.
Al-Sada said that the market was on the right track towards rebalancing in the second half of this year.
“As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly gasoline. This trend is likely to increase further from next month due to the onset of the summer season driving demand."
He added: “The world oil supply is declining. Accelerating closures of high-cost production facilities and declining numbers of drilling rigs in operation are among the main reasons for the drop in production around the world. The current level of oil prices is the main reason for the lack of investment in the oil industry."
All eyes will now be on the next OPEC meeting which will take place on 2nd June.