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OPEC Secretary General: The (OPEC Plus) coalition has made exceptional efforts to stabilize the oil markets

28-04-2023

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said today, Thursday, that the (OPEC Plus) alliance has made exceptional efforts to achieve stability in the oil market. During a workshop in Vienna between OPEC, the International Energy Agency and the International Energy Forum, Al-Ghais stressed that the efforts of (OPEC Plus) came in unusual circumstances for the benefit of producers, consumers, the oil industry and the world as a whole. "The past year demonstrated the need for continuous monitoring of the factors driving volatility in energy-related financial markets and how they may affect the short, medium and long term," he added. For his part, Secretary-General of the International Energy Forum, Joseph McMonigle, warned in his speech of the emergence of "new vulnerabilities" due to the high level of inflation and lack of investment in supplies, calling on producers and consumers to take this into consideration "when taking risks in investing or understanding the evolution of energy costs for consumers." The expert, Toriel Busoni of the International Energy Agency, warned of the danger of fluctuations in energy markets, pointing out that the past three years confirmed the impact of supply and demand shocks, as well as financial markets, on energy price movements. The workshop dealt with spot and paper markets, fluctuations in energy-related financial markets, the impact of physical and paper interactions on oil in the market, prices, and ways to secure financing for sustainable development in oil and gas.