The next OPEC meeting will study measures to balance the world oil market over the next six months in case it becomes oversupplied amid a deteriorating world financial situation, OPEC President Chakib Khelil was quoted as saying by Algeria’s official news agency.
The agency APS also on Sunday quoted Khelil, the country’s own energy minister, as saying the future of oil demand in China and the Middle East was a “great unknown”, and it was essential for OPEC to balance supply and demand if a surplus of supply developed.
“During its next meeting in Vienna on November 18 OPEC will study the measures to take to cope above all with the oil market over the next six months in light of the worsening of the world financial situation,” the agency quoted him as saying.
“If winter is harsh, there will be fewer problems, but in the second quarter we are going to record a fall in demand and that is what the organisation is going to study in Vienna.”
He added: “The essential thing for OPEC is to find a balance between supply and demand.”
Khelil said the current oil price reflected the true balance of supply and demand following the departure from the market of speculators,
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