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By Rashid Shirinov

Despite the recent decline in oil prices, the oil market is on the path to rebalancing, current OPEC president and Qatar’s Minister of Energy and Industry Mohammad bin Saleh al-Sada said on August 8. The prices slightly grew up today.

The Minister noted that OPEC was in continuous talks to stabilize the market, and currently a growth of world oil demand in the third and fourth quarters of 2016 is expected. Al-Sada noted that beginning from February of this year, oil prices showed steady growth in the background of decreasing production, irregular supply of raw materials from some countries and rising global demand.

“The recent decline observed in oil prices and the current market volatility is only temporary,” Mohammad bin Saleh al-Sada stated. OPEC continues to monitor changes, and is in constant deliberations with all member states to help ensure stability and order in the global oil market.

Possible resumption of talks on the freezing of oil production among OPEC countries made the prices grow on August 8. Price of October futures of the North Sea Brent oil mix grew by 1.06 percent to $44.74 per barrel. Meanwhile, price of September futures of WTI oil increased by 1.17 percent to $42.29 per barrel.

Being introduced on June 16, 2005 the OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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