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The next meeting of the Organization of Petroleum Exporting Countries (OPEC) will take place in Algiers during the final week of September. Algerian Energy Minister Mustapha Guitouni announced.
`The meeting will allow OPEC members to discuss ways to maintain oil market stability.` Guitouni told the media after the presentation of the country`s 2017 energy assessment report.
`Oil prices are very volatile due to exogenous factors affecting the market.` he said. adding that they will stabilize when there is a balance between supply and demand.
Guitouni recalled the agreement signed by OPEC and non-OPEC oil producing countries in December 2016 following the sharp declines in oil prices from 2014.
`This agreement between the 14 OPEC members and 10 non-OPEC oil producers allowed for the withdrawal of 1.8 million barrels per day (bpd) from the market and helped bring oil prices up to between 70 and 80 US dollars a barrel.` he added.
