DUBAI (REUTERS) - Oil is moving towards a fair price and the level of global stocks is declining and moving towards the level sought by Opec, Qatari energy minister Mohammed al-Sada told reporters on Sunday (Oct 29), state news agency Kuna reported.

"The level of world stocks is declining to the level set by the Organization of the Petroleum Exporting Countries (Opec),"the agency quoted him as saying.

He also said an agreement between Opec and non-Opec producers to reduce output to help balance the market had been successful.