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The oil market is stable and prices are steady, two oil ministers said on Sunday, weeks ahead of an OPEC meeting to decide whether the group needs to adjust its output target.
"I think no, now the market is stable," Angola's oil minister Jose Botelho de Vasconcelos told Reuters in Abu Dhabi, when asked if OPEC needs to change its oil policy when the group meets next on December 4 in Vienna.
"The market is stable and the price is stable too," Iraq's oil minister Abdul Kareem Luaibi told Reuters.
Iraq and Angola are members of the Organization of Petroleum Exporting Countries (OPEC), the producer group that pumps more than a third of the world's oil.
OPEC expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group from the boom in shale energy and other sources, according to its annual World Oil Outlook.
OPEC ministers meet in Vienna on December 4 to decide production policy
In its monthly report, OPEC left its forecast for 2015 world oil demand growth unchanged.
Oil prices have lost nearly 60 per cent in value since last peaking in June 2014.
The minister said that OPEC's policy might temporarily force high-cost producers out of the market but they would eventually come back.