“How the euro zone solves the challenge is dominating the movement in (oil) prices on a daily basis,” Sada said at an event in Doha.

“We are optimistic that they are attending to the problem and we are confident that it will be resolved soon.” 

Euro zone tensions have escalated following Greece’s decision to hold a referendum in December on European Union’s latest financial aid package. 

The leaders of Germany and France told Greece it would not receive aid until it decides whether it wants to stay in the euro zone.

Worries about the European and US economies have weighed on oil prices for weeks. On Thursday, Brent crude was trading above $109 a barrel.

Yet from a supply and demand point of view, oil market looked healthy, Sada said.

“Fundamentals look very good. Supply demand and stock levels are all very healthy. No one is complaining about that.”

He declined to comment on oil hedging after saying on Wednesday that Qatar was considering hedging some of its oil output for 2012.