Oil market doesn't requires any OPEC meeting

HE Minister of Energy and Industry Dr. Mohamed bin Saleh Al Sada, has said that the oil market does not currently require any OPEC emergency meeting ,stressing once again that the oil supplies enjoy a sound and very healthy condition. Speaking to reporters here on Monday on the margins of the foundation stone laying ceremony of the new port project, HE al Sada said, "The OPEC member states are now on common consultations ... I do not think it needs this emergency meeting, especially as the member states of the Organisation of Petroleum Exporting Countries (OPEC) will meet by next December ... we are monitoring the situation to date," HE Energy And Industry Minister told reporters. In response to a question whether the OPEC meeting will discuss the non-compliance by some OPEC members of quotas , HE the Minister noted that all topics will be studied with the rest of the members and made clear that the OPEC Secretariat is in turn considering the market conditions , but the issue is currently dominated by the financial situation in the euro zone and what is expected of the global GDP, up or down, where these two factors can constitute the greatest weight for the oil supplies.