Qatar oil minister says OPEC deal had 'remarkable impact' on falling prices - report

The OPEC's agreement to cut global oil production, which has led to a recovery in prices, and "return the market to balance", Qatar's energy minister said in a speech in London on Wednesday.

Mohammed bin Saleh al-Sada told the International Petroleum Week conference that the slump experienced by crude in 2016 had forced the hand of the major oil-producing countries, reports said.

The 13 members of the powerful group voted to address the oversupply of oil by cutting production in December, as did 11 non-OPEC states

"These efforts and the consensus achieved thereof made a remarkable impact in the narrative of oil prices," al-Sada said.

"The outlook for the oil market this year has now improved with a more positive tone. A year ago, crude oil prices had fallen to a 13-year low of below $27 a barrel. Today, oil prices are essentially double of that and holding in a $50-$60 range. The agreement is expected to reduce the high oil inventories and return balance to the market later this year," he added, according to a report from MarketWatch.

Oil prices rallied more than 1% on Tuesday following further upbeat remarks by OPEC secretary general Mohammed Barkindo, who reiterated the belief that the nations would follow through on their output cut agreement.

"At the end of the day we are confident that all members with no exception will implement their obligation 100%," Barkindo said.

Brent crude oil was trading at $56.24 per barrel as of 13:25 GMT.