Later in the day, OPEC ministers will meet in Vienna to discuss a plan to freeze oil production, two months after the previous attempt to freeze output at January levels failed when Saudi Arabia failed to back the deal.
"The market is recovering very well on its own, demand is strong, and supply from countries outside of OPEC is declining. Whichever action we take now will be in view of the fact that the market will cope on its own. We will be careful in making their decisions, so as not to shock the market" the minister told journalists in Vienna ahead of the OPEC summit.
Prices have rebounded since January, gaining over 70 percent by May. By mid-May, the Brent crude benchmark approached the price of $50 per barrel. On Thursday, oil prices were largely unresponsive to the OPEC meeting.
"We look forward to long-term stability in the market, and that includes a good amount of supplies that will cover the growing demand, and the recovery of the world economy," the minister said, adding that the market will be able to find a fair price on its own.
The 169th OPEC session is aimed to discuss global oil production, distribution and sales policies, as well as the election of a new leader. OPEC is an international organization founded by oil exporting nations Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, on September 10, 1960, in Baghdad, Iraq, for the purpose of coordinating their crude oil market share. The founding members have since been joined by Qatar, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador and Angola.
