According to him, meetings between OPEC members and non-OPEC producers would help the oil market.
"Oil is still the main energy source in the world. I think that alternative energy sources are too expensive and not very popular so far," the expert pointed out.
"It is too early to say that the oil era is coming to an end," Al-Zamel added.
He further noted that the drop in global oil prices is linked to the low demand for fossil fuels and this trend is global.
"When demand stabilizes and the global economy grows oil prices will go up. Recently, there has been an improvement," Al-Zamel said.
He added that despite the fact that the meeting between OPEC and non-OPEC producers in Doha failed, a new meeting to address the issue would be useful.
"These meetings would have results but the market will be rebalanced later when demand grows," he explained.
On Monday, Russian Energy Minister Alexander Novak said that Russia is ready to discuss the possibility of reaching an oil output freeze deal with the Organization of OPEC and non-OPEC countries to further stabilize the global oil market.
"The idea of freezing oil output, which was discussed in April, has played its role in stabilizing the market. The speculators saw that producers can agree. The door for continuing talks remains open in case such a need emerges," Novak said in an interview with the Asharq Al-Awsat newspaper.
