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OPEC Head Rejects Criticism Over Output Plan

OIL
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OPEC Secretary General Haitham Al Ghais defended the recent adjustments to the OPEC+ output deal, citing it as a success, according to Reuters.

  • Al Ghais was optimistic about continued strong demand, highlighting a rebound in travel as a key driver.
  • OPEC+ agreed to rollover their voluntary output cuts into Q3 but will begin unwinding the curbs from October and gradually throughout 2025.
  • This caused a recent softening in oil prices as the market viewed the plan as bearish, expecting the deal to add further length to the market.
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OPEC Secretary General Haitham Al Ghais defended the recent adjustments to the OPEC+ output deal, citing it as a success, according to Reuters.

  • Al Ghais was optimistic about continued strong demand, highlighting a rebound in travel as a key driver.
  • OPEC+ agreed to rollover their voluntary output cuts into Q3 but will begin unwinding the curbs from October and gradually throughout 2025.
  • This caused a recent softening in oil prices as the market viewed the plan as bearish, expecting the deal to add further length to the market.