The Secretary -General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al -Ghais, confirmed on Sunday from Algeria that the decision of the OPEC Plus alliance to reduce oil production shares does not include “any messages to anyone”, after the tension caused by Saudi Arabia, a prominent member of “OPEC” and the United States.
“We are not communicating with anyone.
Al-Ghais stated during a news conference that “our agreement is founded on the foundations, studies, and purely technical data that have no economic, political, or other meanings.”
The largest oil importer and theorised that “the globe is approaching a moment of economic stagnation, and consequently this has a direct influence on the demand for oil as in China.”
Last week, the thirteen members of the Organization of Oil Exporting Countries (OPEC) led by Saudi Arabia and its 10 allies, led by Russia, formed the “OPEC Plus” coalition, which decided to cut back on oil output to help stabilise the falling price of crude oil.
The organisation “does not control prices, but there are other parties that control the prices of all goods, including oil, which are stock exchanges as in London and New York,” the organization’s secretary-general, Kuwaiti Haitham Al-Ghais, added. On the contrary, we saw that the prices had decreased after our meeting.
OPEC Secretary-General: There are “no messages to anyone” in the decision to restrict production.
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