15:03 | 12/08/2016 Global Economy
The Organization of the Petroleum Exporting Countries (OPEC) said Monday that it will call a meeting of member countries next month in Algeria to stabilize the oil market.
OPEC's Director of Research Division Omar Abdul-Hamid, President of OPEC Mohammed Bin Saleh Al-Sada, and OPEC's Secretary-General Abdalla Salem El- Badri at a press conference (Photo: VNA)
The meeting will take place on the sidelines of the International Energy Forum in Algeria from September 26th to 28th.
OPEC sees the recent decline in oil prices and the current market volatility as temporary effects of weak refinery margins, inventory overhang, and Brexit.
The return of economic growth in oil-consuming countries will rekindle demand for oil in the remainder of the year and the oil supply will tighten, leading to higher prices./.