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Oil market stable, prices steady, say OPEC members


Abu Dhabi:

The oil market is stable and prices are steady, two oil ministers said on Sunday, weeks ahead of an Organisation of the Petroleum Exporting Countries (OPEC) meeting to decide whether the group needs to adjust its output target.

"I think no, now the market is stable," Angola's oil minister Jose Botelho de Vasconcelos told Reuters in Abu Dhabi, when asked if OPEC needs to change its oil policy when the group meets next on December 4 in Vienna.

"The market is stable and the price is stable too," Iraq's oil minister Abdul Kareem Luaibi told Reuters.

Iraq and Angola are members of OPEC, the producer group that pumps more than a third of the world's oil.

OPEC expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group from the boom in shale energy and other sources, according to its annual World Oil Outlook.

Copyright @ Thomson Reuters 2013                  

Story first published on: November 10, 2013 15:34 (IST)

Tags: Organisation of the Petroleum Exporting Countries, OPEC, Oil policy, Oil market, Oil ministers, Iraq, Angola

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