OPEC States Understand Measures Needed to Stabilize Oil Market - Qatar Minister

According to the Qatari energy and industry minister, OPEC member states have a mutual understanding on measures that need to be taken for the stabilization of the oil market.

ALGIERS (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) member states have a mutual understanding on measures that need to be taken for the stabilization of the oil market and reduction of crude price volatility, Qatari Energy and Industry Minister Mohammed Saleh Abdulla Sada said Wednesday.

"There is a common understanding that we need to look at market stabilization measures at reducing the length of the down tier and reducing the volatility," the minister said during an informal meeting of OPEC on oil output freeze.

OPEC member states expect the oil supply to increase by 200,000 barrels a day next year, Mohammed Saleh Abdulla Sada said.

"Moreover, we also now anticipate the main OPEC supply to grow by 200,000 barrels a day in 2017," the minister said during an informal meeting of OPEC on oil output freeze.

In June, the cartel predicted the supply would grow only by 100,000 barrels a day.