12.10.201500:57:09UTC+00Qatar's Energy Minister Says Oil Prices Have Bottomed Out

Mohammed Al Sada, Qatar's energy minister, said the prices of oil globally have bottomed out, with recovery signs seen in 2016.

In an e-mailed statement on Sunday, Al Sada said growth in non-OPEC crude oil supple slowed this year, and will likely stay flat or turn negative in the next.

He added that the low oil prices have triggered companies to lower their capital expenditure by nearly 20% this year from $650 billion in 2014.

Global pricing benchmark Brent crude has slipped 8.2% this year and fell 41% in the last 12 months.