As announced last week, Qatar plans to invest $5 billion through 2010 in an attempt to increase the production of crude oil.

Qatari Energy minister Abdullah Bin Hamad Al Attiyah stated that the record oil prices of more than $75 per barrel was the result of fears and speculation within the market. Qatar intends to allocate $5 billion over the next five years to boost oil production capacity to 1.1 million barrels per day. Last November, they had previously announced that they would boost their oil production to 1.0 million barrels per day by 2010. According to the Energy Information Administration, the proved oil reserves, for Qatar, of 16 billion barrels should ensure continued output at current levels for about 23 years.