OPEC: Plans informal talks next month, sees temporary dip in oil

OPEC President and Qatari energy minister Mohammed Al Sada was on the wires last minutes, noting that the organisation plans informal talks in Sept, while sees oil price decline temporary.

Key Quotes:

“Recent decline in oil prices, current market volatility is only temporary”

“Expectation of higher crude oil demand in the third and fourth quarters of 2016, coupled with decrease in availability, is leading the analysts to conclude that the current bear market is only temporary and oil price would increase during later part of 2016”

“Expect higher oil price in later part of 2016”

“OPEC will hold an informal meeting on the sidelines of the IEF in Sept”

“OPEC members are in constant deliberations on stabilising market”