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Set Your Calendar, Oil Investors: OPEC Confirms A Meeting Set For September

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Set Your Calendar, Oil Investors: OPEC Confirms A Meeting Set For September

According to the Wall Street Journal, the Organization of the Petroleum Exporting Countries (OPEC) confirmed Monday it will host an informal talk in September at an energy conference.

It isn't immediately known what is on the agenda for the meeting. The organization gathered back in April with the hopes of setting a limit on oil production, but Saudi Arabia refused to agree to a freeze and cited Iran's similar stance.

Another ongoing issue facing OPEC nations includes some of its members who want to increase the organization's cooperation with oil-rich, non-OPEC members, including Russia.

The Wall Street Journal quoted OPEC's energy minister, Qatar's Mohammed bin Saleh al-Sada as saying that the organization "continues to monitor developments closely" and remains in "constant deliberations with all member states on ways and means to help restore stability and order to the oil market."

Related Link: WSJ Asked 13 Investment Banks For Their Oil Outlook: Here's What Was Said

The Wall Street Journal also noted that the energy minister "sounded a positive note" about the oil market and expects the remainder of 2016 to be characterized by strong demand while supply of petroleum would decrease.

"Expectation of higher crude oil demand in the third and fourth quarters of 2016, coupled with decrease in availability, is leading the analysts to conclude that the current bear market is only temporary and oil price would increase during later part of 2016," he was also quoted as saying.

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Posted-In: Mohammed bin Saleh al-Sada OPECNews Commodities Events Global Markets Media Best of Benzinga

 

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