OPEC's meeting to find ways to stabilize oil market

OPEC's meeting to find ways to stabilize oil market

EconomyVN - On August 8th, OPEC announced that they have convened an informal meeting of the Member States in September in Algeria to find ways to stabilize the oil market.

The meeting convened by Organization of Petroleum Exporting Countries (OPEC) will take place on the sidelines of the International Energy Forum in Algeria on 26 - 28th of September.

OPEC emphasizes they will continue to closely monitor market developments and are always cautious in discussing with all Member States on ways and measures to restore stability and the number of orders in the oil market.

Al-Sada - OPEC President reaffirmed the organization's view that oil demand in the world will increase in the third and fourth quarters of this year. Mr. Al-Sada stressed to need to invest more in oil production to meet rising demand and offset declining output at oil wells.

Shortly after OPEC meeting was announced, world oil prices have rebounded on 8th of August. Brent oil price has increased by 66 cents in October compared with the end of the trading day on Friday last week, up to $ 44.94/barrel. Light sweet crude for September delivery rose 53 cents, to $ 42.33 USD/barrel.

Tonny Le

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