By: Inspenet, October 17, 2022
The secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, said on a visit to Algeria that crude oil markets are going through a stage of great fluctuations.
The director added that the objective of OPEC and producers outside the organization is to maintain market stability.
Based on this, recent decisions on production cuts took into account the uncertainty surrounding the evolution of the world economy and encouraged the application of proactive measures to avoid any imbalance in the market.
The statements are in tune with the announcement in early October by OPEC and its allies (OPEC+) about a reduction in oil production of two million barrels per day.
The group of major oil producers, including Saudi Arabia and Russia, announced the biggest cut since the start of the pandemic – equal to about two percent of global demand – after their first face-to-face meeting since March 2020. The Organization of Arab Petroleum Exporting Countries (Oapec) expressed yesterday in an official statement its support for the cut.
This material from the radiohc.cu portal was edited for clarity, style and length.
Photo: ShutterStock
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