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OPEC Highlights Importance Of Production Cut

OIL

OPEC’s Secretary General highlighted the vital role played by OPEC Member Countries and oil-producing countries participating in the ‘‘Declaration of Cooperation’ to support sustainable oil market stability, the group said on Twitter.

  • OPEC Al-Ghais said: “Evidently, OPEC Member Countries and their partners within the ‘Declaration of Cooperation’ have been taking proactive and pre-emptive actions to stabilize the market based on detailed research and analysis.”
  • “This is on the physical side of the oil market. But on the financial side, we have been observing an accelerated trend in speculative trading, with investors and other players trading futures and options at faster rates, sometimes severely impacting market liquidity and hindering price discovery mechanisms,” Al-Ghais said.
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