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Sec-Gen: Output Cut Not A Decision Of Group Of Countries Against Another

OPEC+

Wires carrying comments from OPEC Secretary-General Haitham Al Ghais, 'the decision of OPEC+ is not a decision of a country in itself or a group of countries against another. The decision of OPEC+ is proactive and deliberate and was taken unanimously by 23 countries". Ghais' slightly defensive comments come after significant US criticism of the decision to cut production by 2mn bpd from November. It is unusual for the White House to comment directly on an OPEC+ production decision, highlighting the strength of feeling in the Biden administration towards the prospect of higher oil prices.

  • Ghais: "The decision of OPEC+ carries wide flexibility to deal with the expected economic uncertainty"
  • Ghais: "All OPEC+ decisions target the balance between supply and demand, not prices."
  • Ghais: "Oil production capacity freed up by latest output cuts could allow countries to intervene in case of any crises in oil markets'.
  • Ghais: "The world needs USD12 trillion in investments in the oil sector globally. The lack of investment significantly affects global energy supply'.
Energy BulletsCommoditiesPolitical Market News
Energy BulletsCommoditiesPolitical Market News

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