Qatar's oil minister said on Thursday that the development of the Barzan gas field will cost $8.6 billion and will supply gas to Qatar's domestic market.

The field is expected to produce 1.4 billion cubic feet of gas a day and is a joint venture project between Qatar Petroleum which has a 93 percent stake, and oil major Exxon Mobil owning the remainder, minister Abdullah Al-Attiyah told reporters in Doha.

'The first train will start in 2014 and the second in 2015,' he added.    

He said Opec will meet before its scheduled June if the market falls short on supplies.

 'If there is a shortage of supply we will meet...Opec will do whatever it can to ensure that there is enough supply. 'But as of now the market is not oversupplied,' he added.