Qatar's energy minister, and current OPEC president, Mohammad bin Saleh al-Sada, said the oil market is on the path to rebalancing despite the recent decline in global oil prices, adding that OPEC was in continuous talks to stabilise the market.
"The recent decline observed in oil prices and the current market volatility is only temporary," Reuters cited Mohammad bin Saleh al-Sada as saying.
"OPEC continues to monitor developments closely, and is in constant deliberations with all member states on ways and means to help restore stability and order to the oil market."
An informal meeting of OPEC member countries is scheduled to take place on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26-28, the statement said.
