OPEC secretary general says oil markets are going through ‘great fluctuations’

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OPEC Secretary General Haitham al-Ghais said on Sunday that “oil markets are going through a stage of great fluctuations,” during his two-day visit
to Algiers.

Al-Ghais added that the goal of OPEC and producers outside the organization is to maintain market stability.

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For his part, Algeria’s Energy minister Mohamed Arkab said OPEC+’s latest decision to cut output was “historic” and aims to stabilize markets, Ennahar TV reported.

Separately, Oman’s Energy Ministry said in a tweet on Sunday that OPEC+ decisions are based on purely economic considerations, realities of supply and demand in the market.

OPEC+ output cut decision was important and necessary to reassure the market and support stability, the ministry added.

Earlier this month, the producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) plus allies including Russia, announced its new production target after weeks of lobbying by US officials against such a move.

The decision, however, provoked accusations that the Kingdom was taking sides in international conflicts and that it was politically motivated against the US.

Saudi Arabia rejected these accusations saying they were “not based on facts,” and reaffirming that the OPEC+ decision was adopted through consensus.

Dr. Mohammed bin Mubarak bin Daina, Bahrain’s Minister of Oil and Environment, also said on Sunday that the OPEC+ decision to cut oil output by 2 million barrels per day was taken unanimously and after a thorough technical study of the global market conditions and developments, Bahrain News Agency (BNA) reported.

Member states are keen to take decisions that aim to stabilize oil markets, and the group will study any economic developments to ensure the stability of global markets and supplies, and the balance between the interests of producers and consumers, the minister added.

Meanwhile, Iraq’s Oil Marketing Company (SOMO) said on Sunday that OPEC+ decisions are based on economic indicators and are taken unanimously.

“There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the future the guidance it needs,” SOMO said in a statement.

Read more:

Saudi Arabia says OPEC+ oil cut ‘purely economic’

OPEC+ decision to cut oil production ‘correct’: OAPEC

Saudi FM defends OPEC+ decision, says ties with US are strategic

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