5/29, 10:26 PM (Source: TeleTrader)
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Al-Ghais: OPEC hasn't lost its effectiveness

OPEC Secretary General Haitham al-Ghais told Shana in an interview on Monday that it would be unfair to say the organization has stopped functioning as an effective independent body.

"OPEC has managed to bring onboard with it 10 countries in the Declaration of Cooperation, in order to bring back the stability and balance in the market. OPEC has been a steady player despite all the volatilities and all the challenges of over 60 years," he underscored. Al-Ghais reiterated that the organization makes all of its decisions with the goal of having "a good balance" between oil demand and oil supply.

He shared that OPEC's 2023 global oil demand growth forecast was prompted by expectations that jet fuel and gasoline will be picking up "with the coming summer travels," and that the demand for other products will improve "as China continues opening up, and as inflation and debt challenges are addressed."

Baha Breaking News (BBN) / AY