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The Secretary-General of (OPEC): The decision to cut production came after reviewing the economic performance and has nothing to do with politics

17-10-2022

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais confirmed today, Sunday, that the decision to cut production came after reviewing the economic performance and has nothing to do with politics. Al-Ghais revealed in a press conference after his talks with Algerian President Abdelmadjid Tebboune and before that with Energy Minister Mohamed Arkab that "the study that was prepared indicated that the year 2023 will witness a decline in demand for oil, and therefore a proactive decision should have been taken to reduce production, which was taken unanimously." He explained that "OPEC does not target prices through its latest decisions, and the best evidence is that after the decision of the October 5 agreement, prices fell compared to what they were previously," adding that "the organization seeks to maintain a balance of supply and demand." He said, "The decision to cut two million barrels is not new, and (OPEC) decisions are taken unanimously because the organization aims to ensure energy security for future generations, and therefore there must be an environment that allows the future of energy to be guaranteed for future generations." Al-Ghais stressed that “OPEC’s decisions are technical research and have nothing to do with politics.” He also praised “the pivotal role played by Algeria in the organization,” revealing “the registration of new members joining OPEC,” stressing that “their names cannot be revealed at the time. Present". It is noteworthy that the Kuwaiti (OPEC) Secretary-General Haitham Al-Ghais arrived earlier today in Algeria at the head of a prominent delegation on a three-day working visit. At the outset, he met with Algerian President Abdelmadjid Tebboune and Energy Minister Mohamed Arkab and discussed with them the developments of the international oil market.