Referring to OPEC's efforts to stabilize oil prices, he said that despite India and China's economic growth there are still uncertainties about the global economic growth.
He said that there is a balance between oil supply and demand and that the oil producing and oil consuming countries should try to maintain the stability of the oil market.
Organization of the Petroleum Exporting Countries is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
OPEC has based its headquarters in Vienna since 1965. Representatives of the oil exporting countries hold regular meetings every six-month to examine market situation and ensure harmony in oil supply and demand.
(T.A045/H-AK)
Editor: Priyambodo RH
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