30 November 2016, 10:21 GMT
MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) understands the importance and benefit of stabilizing the oil market, Qatari Minister of Energy and Industry Mohammed Bin Saleh Sada said Wednesday, expressing hope that the ongoing talks would lead to a solution.
OPEC member states reached a preliminary agreement in September, setting the oil output ceiling at 32.5-33 million barrels a day. A number of non-OPEC members, including Russia, have expressed willingness to join the deal. The final decision on the deal will be made on Wednesday in Vienna.
"OPEC fully appreciates the importance of bringing forward the rebalancing of the fundamentals and returning sustainable stability to the market. This will be beneficial to our economies, the global oil market and the world economy as a whole," Sada, the president of the OPEC conference, said in a statement.
He expressed hope that the "positive" talks would lead to a "mutually acceptable solution on the way forward."
