ALGERIA TO HOST OPEC MEETING IN SEPTEMBER

VIENNA, — The 14-nation Organization of Petroleum Exporting Countries (OPEC) will hold an informal meeting in Algiers on the sidelines of an energy forum planned for late September, says OPEC President Mohammed Bin Saleh Al-Sada.

“An informal meeting of the OPEC member countries is scheduled on the sidelines of the 15th International Energy Forum scheduled from Sept 26 to 28 in Algeria,” he said in a statement here Monday.

The announcement of the meeting saw oil prices rising to nearly 45 US dollars a barrel for Brent crude.

OPEC worries about the “recovery of the stability in oil market”, said Al-Sada, who is Qatar’s Minister of Energy and Industry.

He reiterated OPEC’s optimism about an upcoming rebalancing of supply and demand, despite the recent fall in crude prices. “We expect an increase in oil demand in the third and fourth quarters” thanks to an economic rebound in the main consumer countries, he noted.

Source: Name News Network

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