OPEC+ should get ‘due recognition’ for constructive role in supporting market stability

In an exclusive interview with OPEC Secretary General Haitham Al Ghais, Reuters revealed that the OPEC+ alliance should receive credit for the positive impact of the October decision to cut output by 2 million barrels a day (about 2% of world demand) to support the market. Market dynamics have since shown the cuts to be prudent, with oil prices hovering near $85 per barrel from highs of $100+ in 2022.  “Due recognition should be given for our constructive and positive role in supporting global market stability including to remind ourselves that the G20 and major consumers around the world commended us for our historical actions taken since 2020,” Haitham Al Ghais told Reuters on the sidelines of the India Energy Week conference.