On Sunday, two oil ministers stated that the oil prices are stable and steady. It has to be noted that the OPEC meeting is nearing this year and will be held within a couple of months.
"I think no, now the market is stable," Angola's oil minister Jose Botelho de Vasconcelos told Reuters in Abu Dhabi, when asked if OPEC needs to change its oil policy when the group meets next on Dec. 4 in Vienna. On the other hand, oil minister of Iraq, stated, "The market is stable and the price is stable too."
Iraq and Angola are members of the Organization of Petroleum Exporting Countries (OPEC), the producer group that pumps more than a third of the world's oil.
OPEC expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group from the boom in shale energy and other sources, according to its annual World Oil Outlook.