Secretary of "OPEC": Current Reduction in Oil Production Prevent Subsequent Crises

Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, stated that the decision of the OPEC + group to reduce production by two million barrels per day over the next month will prevent subsequent crises in the oil markets.

Al-Ghais said at the “African Energy Week” conference in Cape Town, South Africa, on Tuesday, that the “OPEC +” group moved to reduce production; to prevent a crisis later and stop a wave of volatility, noting that oil and gas reserves in Africa will be required; Energy demand is expected to rise significantly by 2045.

OPEC +, which includes members of (OPEC) and allies, agreed to cut the production target by two million barrels per day at a meeting in Vienna this month.

The decision drew American criticism for fear of its impact on gasoline prices in the United States before upcoming local elections. However, the “OPEC +” decision met with an alignment of Arab countries and members of the “OPEC”; to support the Saudi vision in the global oil markets.