By RAKESH SHARMA NEW DELHI -- There is no shortage of crude oil in the global markets and current prices aren't justified by demand-supply fundamentals, Qatar's energy and industry minister said Monday, easing concerns over supply constraints. "Oil producers are committed to supplying. When you look at demand-supply, there is no evidence of a shortage of oil anywhere in the world," Mohammed Bin Saleh Al Sada told reporters on the sidelines of an event celebrating the founding of Petronet LNG Ltd., India's largest LNG importer by volume. "When it comes to price, we don't interfere directly with the price. There are so many elements--not necessarily part of fundamentals of supply and demand--but other factors." Mr. Al Sada said Qatar was running "flat out" at maximum capacity in the production of crude oil and liquefied natural gas, producing 720,000-730,000 barrels of crude oil a day and an equal amount of condensates. He said the country was also at its peak LNG-export capacity of 77 million tons a year. Brent crude-oil prices averaged $125.33 a barrel in March, up from $111 a barrel the same month a year earlier, due to concern that the dispute between Iran and the West over Iran's nuclear program could lead to a severe supply disruption. Those concerns have also renewed talk in oil markets that members of the International Energy Agency may release emergency stockpiles to cool high prices that threaten to damage the fragile global economy. The IEA last month warned that global crude-oil supplies were tight and spare capacity was declining. The global oil supply fell by 200,000 barrels a day in February, despite Saudi Arabian production hitting a 30-year high, the IEA said. Qatar has the world's third-largest natural gas reserves after Russia and Iran. Write to Rakesh Sharma at rakesh.sharma@dowjones.com

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