OPEC Secretary General Haitham Al Ghais insisted the group’s decision to cut production in October was correct; thus, the group deserves credit for helping stabilize global markets.
“We have repeatedly proven that we are ready to act immediately and respond to the dynamic nature of the market,” he said.
OPEC+ agreed last year to cut production by 2 million barrels a day, about 2% of world demand, from November until the end of 2023, leaving oil prices around $85 per barrel. The group’s panel also agreed last Wednesday to maintain their agreement as planned until the end of the year.
