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Iraqi deputy oil minister, Fayadh al-Nema, said yesterday that OPEC would work to stabilise oil markets, crude prices and supplies at its next meeting.

“OPEC and non-OPEC producers will work together to restore balance to oil prices and supplies to make sure prices stay stable,” he told journalists at an oil exploration conference in Baghdad.

Meanwhile, oil prices yesterday moved up regaining some of the previous day’s more than 6 per cent fall, supported by a report of an unexpected drop in U.S. commercial crude inventories as well as record Indian crude imports.

However, investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

International Brent crude oil futures were at $63.42 per barrel, up 89 cents, or 1.4 per cent from their last close, while the U.S. West Texas Intermediate (WTI) crude futures, were up 70 cents, or 1.3 per cent, at $54.13 a barrel.

Yesterday’s gains came after a report by the American Petroleum Institute, API, on Tuesday that U.S. commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16.