New Hope for OPEC: Secretary-General

 

New Hope for OPEC: Secretary-General of OPEC Haitham Al-Ghais,

said after meeting with Algerian President Abdelmadjid Tebboune and Minister of Energy and Mines Mohamed Arkab during a press conference in which he linked investment to the oil sector and the stability of markets,

stating that the size of the oil industry needs 12 trillion dollars until 2045, so how can countries pump all of this?

Money without stability in the global market. If we look at Al-Ghais’ talk with a perceptive eye,

we conclude that the instability of the oil price means that no investment is being pumped,

which prompted the organization to reduce oil production until stability occurs in the market.

 

 

The OPEC

the meeting was held in Austria on the fifth of this October,

and the President had met to reduce oil production by about one million barrels per day,

in line with the reports, it conducted last Wednesday,

which proved the correctness of their theory in the demand market,

which is expected, according to their reports, to decrease by 500,000 barrels per day during this current year and by next year it may drop to nearly 400,000 barrels or a total of 900,000 barrels,

and this does not contradict their view at all,

despite the dissatisfaction of the American side with this decision,

describing it as a short-sighted decision in the words of President Biden,

who expressed His dissatisfaction with those decisions,

while the countries included Iraq, Oman, Bahrain, Kuwait, and Algeria supported the decision

and said that it was taken unanimously,

and was based on purely economic indicators without regard to international opinion and its interests,

as the Saudi Defense Minister rejected those accusations against the organization and Riyadh in particular.

 

The matter expressed

the astonishment of the Saudi Defense Minister, Prince Khalid bin Salman,

as he indicated that accusing Saudi Arabia of allying with Russia and standing by it against Ukraine with those decisions that would reduce oil production are false and baseless accusations and did not come from Ukraine itself,

which indicates an indulgence these accusations are of personal interests.

Both Bahrain and the Sultanate of Oman said that the OPEC alliance took

its decision unanimously to reduce production by two million barrels per day,

while the CEO of the Kuwait Petroleum Corporation, Nawaf Al-Sabah,

affirmed Kuwait’s keenness to maintain balance in the oil markets for the benefit of consumers together as well.

In an important statement,

the Iraqi Somo Oil Distribution Company has issued a decision

based on economic indicators and there is complete consensus among

the OPEC countries in opinion and their meeting on

those decisions due to the instability of the market at present,

and it is a proactive approach that directly supports the stability of the oil market.