4u Created
Image default

OPEC Sec-Gen says output cuts were pre-emptive By Reuters

© Reuters. FILE PHOTO – Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais leaves after a meeting with Venezuela’s President Nicolas Maduro during the 62nd anniversary of the OPEC, at the Miraflores Palace, in Caracas, Venezu

(Reuters) -OPEC Secretary General Haitham al-Ghais said on Sunday that the group, alongside other producers that form the OPEC+ alliance, took purely technical decisions and that oil output cuts were a pre-emptive measure.

Speaking from Algeria, Ghais also said a slew of statements from producer nations in support of the Oct. 5 decision to cut oil output by 2 million barrels per day (bpd) were a measure of its effectiveness.

“We welcome these statements and they are proof that the decision was correct,” he told reporters.

Asked about whether there would be a revision of the decision should market conditions change in the first six months of next year, Ghais said that OPEC+ decisions were always subject to revision.

“The OPEC+ agreements always have flexibility … the ministers are always ready to take a plane and come to Vienna.”

Source link

Related posts

Global markets like ‘whack-a-mole’, volatility, liquidity are issues

Upset Taylor Swift says she was assured Ticketmaster could handle demand By Reuters

Vonage agrees to pay $100 million to settle U.S. FTC lawsuit By Reuters