OPEC headquarters in Vienna

The Organisation of Petroleum Exporting Countries (OPEC) has reiterated that member and non member countries must work together to ensure stability in the global oil market.

In a statement posted on its website on Thursday at the ongoing 169th OPEC meeting in Vienna, the organization reiterated that  such coordination was necessary “to obtain reasonable and sustainable revenue for oil-producing nations and to provide a stable, reliable, efficient and economic supply to consuming countries and a fair return to investors in the oil industry,’’ it said.

It added that member countries had confirmed their commitment to a stable and balanced oil market, with prices at levels that would be suitable for both producers and consumers.

The statement said that member countries at the conference stressed that given the current market conditions, the OPEC secretariat would continue to closely monitor developments in the coming months.

It said the conference recommended to member countries to meet again and suggest further measures according to prevailing market conditions.

The conference also called upon non-OPEC countries to join its endeavours, given the importance of cooperation among all major exporting countries to collectively balance the oil markets.