The oil reserves in developed countries and the entire world began to decline, announced the Qatari Energy Minister Mumamed bin Saleh al-Sadan in London at IP Week conference session, reports TASS. In 2016 November summit in Vienna, OPEC decided to cut oil production up to 32.5 million barrels a day.

"The situation can significantly improve in regard to the reserves by the third quarter of this year. The US reserves rise, but the reserves of the rest of the world began to decline, "he said.

According to al-Sadan, the demand for oil has grown and by the end of 2017 the oil market will stabilize because of the OPEC's deal. Later al-Sadan said to reporters, that the OPEC countries fulfill the agreement on the reduction of oil production by 94 percent, whereas non-member countries by 50 percent.