The UAE Oil Ministry is unlikely to trigger a meeting before October, of the Organization of Petroleum Exporting Countries (OPEC), because the oil market is going through a “correction” of prices. It has been spotted that the oil souk is now “well supplied” and that the costs are being set by the “market force”.

Out of the 12 members of OPEC, seven will be participating in a conference of energy officials in Doha from May 9 to 12. The 13% drop in oil prices is the chief reason for this meeting to take place. This is the biggest decline in the prices since December 2008 due to the European debt crises slowing the fuel demand, and the U.S. gasoline inventories that have exceeded the seasonal norms.

According to Algerian Oil Minister, it is perceived that the prices have dropped due to the “uncertainty on the market and the economy”. Also, a barrel of oil is prone to be worth of $80 to $85. Its stocks are lofty because the availability is in ample amount.

Yesterday in New York, oil has plummeted to $75.11 when it had once risen to an 18 months hike of $87.15 on May 3. It’s only the oil that costs below $65, which is ringing up the bells in the OPEC meeting.