Global oil markets are heading toward rebalancing, Qatar's Energy Minister told reporters in Moscow on Friday, a day after the Organization of the Petroleum Exporting Countries failed to agree a clear oil output strategy at a meeting in Vienna.

"It was a successful meeting, it was full harmony among members. We reviewed thoroughly market's status of oil supply and demand. The worst was over," Mohammed Al Sada said.

"As we can see there is huge shrinkage in investments in oil, which can lead to shortage down the road," he added.-Reuters