OPEC+ should get 'due recognition' for constructive role in supporting market stability - Reuters News Agency

OPEC+ should get ‘due recognition’ for constructive role in supporting market stability

In an exclusive interview with OPEC Secretary General Haitham Al Ghais, Reuters revealed that the OPEC+ alliance should receive credit for the positive impact of the October decision to cut output by 2 million barrels a day (about 2% of world demand) to support the market. Market dynamics have since shown the cuts to be prudent, with oil prices hovering near $85 per barrel from highs of $100+ in 2022.  “Due recognition should be given for our constructive and positive role in supporting global market stability including to remind ourselves that the G20 and major consumers around the world commended us for our historical actions taken since 2020,” Haitham Al Ghais told Reuters on the sidelines of the India Energy Week conference.   

Market Impact

OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, agreed last year to cut its production target by 2 million barrels a day (bpd), about 2% of world demand, from November until the end of 2023 to support the market.

Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Global
Countries: Russia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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