OPEC Holds Consultative meeting with Non-OPEC Producing Countries

A consultative meeting took place Wednesday in Istanbul between a number of OPEC members and non-OPEC members Russia and Mexico, on the sideline of the World Energy Council (WEC) Conference.

    The meeting was held following a decision at OPEC's 170th extraordinary meeting in Algeria on September 28 to conduct a constructive dialogue with non-OPEC producing countries to discuss OPEC's plan to stabilize the oil market to maintain the energy sector stability to the mutual interests of producing nations, and ensure efficient and secure supply to consumers.

    HE Minister of Energy and Industry Dr. Mohammad bin Saleh Al Sada, who is also the current OPEC president said in a press conference today that the outcome of Istanbul meetings was "positive".

    HE Dr. Al Sada added that the meeting reaffirmed the benefit of continuous collaborative efforts among producers both within and outside OPEC to help restore the balance and stability in the market.

    He also said that oil stock overhang does not support achieving fair oil price, and that this consultative meeting will be followed by a high-level technical meeting in OPEC headquarters in Vienna on October 29 to which a number of major non-OPEC producers have been invited.