OPEC seeks to stabilize the oil market and prices are going down

The Secretary - General of theOrganization of the Petroleum Exporting Countries ( OPEC ) Mohammad Barkindo that the organization does not seek aspecific price range for oil during ameeting later this month in Algeria , but they want to stabilize the market. At atime when crude prices fell at the end of the week , trimming early gains.

Barkindo said " the oil market should be stabilized through a less volatile price .. so what we are trying to achieve in the context of our consultations aimed to make the member countries are working in one direction , namely the achievement oflasting stability to the market , " as quoted by Reuters for the official APS news agency.

The agency said that Barkindo made his comments after a meeting late Friday with ministers Algerian Energy and Saudi Arabia in Paris .

For his part, Algerian Energy Minister Noureddine Bouterfa announced that there is a consensus of opinion within OPEC and outside on the need to stabilize the oil market to support prices.

Bouterfa said that Algeria would submit a proposal to stabilize prices during scheduled to take place in the country from 26 OPEC meeting until September 28 / September.

He added that the consultations they had with partners means there is a consensus about the need to stabilize the market. "This is a positive point."

Falling prices
At the end of the week, world oil prices fell 4% to dissipate so most of the gains made in the previous session.

This came after traders said the decline in US crude inventories this week temporarily because of a tropical storm, which pushed up prices in the previous session.

And decline in the price of Brent crude by nearly two dollars, to end the trading week B48 dollars a barrel , after he surpassed the fifty barrier dollars last Thursday, after the agreement of Russia and Saudi Arabia to cooperate in themarket.

US crude fell by $ 1.74, to $ 45.88 a barrel.

And said the International Energy Agency that it expects that the demand for oil supply to exceed the third quarter of 2016 , which means that the standard global inventory levels may begin to decline.

However, analysts from Morgan Stanley said At a memorandum published on Friday and that the chances are not to restore market balance until "late 2017 or maybe even 2018".

Oil options market indicates that traders are not betting too much on reaching an agreement between the producers of this month, although they are getting optimistic that the market will converge in the end more towards balance.