OPEC: oil market moving toward restoring the balance


He sees the country's Energy Minister and current President of OPEC, "Mohammed bin Saleh Al-Sada, the oil market is on its way toward restoring the balance even though crude prices decline lately.

He said in a statement Monday, gentlemen 8 August that oil prices recently and current market volatility is temporary, stressing that the Organization continues to monitor developments closely and it's ongoing consultations with all Member States on ways to help restore stability and order to the oil market.

He added that major oil consuming economies are supposed to continue to grow, which in turn will increase demand for crude.

The statement said that an informal meeting of OPEC Member States are scheduled to convene on the sidelines of the International Energy Forum in Algeria from 26 to 28 September.